The African Central Bank (ACB) is one of the original five financial institutions and specialized agencies of the
African Union. Over time, it will take over responsibilities of the
African Monetary Fund
The Africa Monetary Fund is a planned African Union financial institution, though in time its responsibilities will be transferred to the African Central Bank. This institution is one of the three financial institutions of the future African Union ...
. Its proposed headquarter is in
Abuja (
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
).
When it is fully implemented, the ACB will be the sole issuer of the
African single currency (the "afro" or "afriq"), it will become the banker of the African Government, it will be the banker to Africa's private and public banking institutions, it will regulate and supervise the African banking industry, and it will set the official interest and
exchange rates
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...
; all in conjunction with the African Government's administration.
See also
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Abuja Treaty
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European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centr ...
*
Economic Community of West African States
The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of , and in ...
(ECOWAS)
*
Euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
*
African Monetary Union
The African Monetary Union (AMU) is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, simi ...
*
Central African CFA franc
The Central African CFA franc (French: ''franc CFA'' or simply ''franc''; ISO code: XAF; abbreviation: F.CFA) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatori ...
* The
Common Monetary Area
The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Eswatini into a monetary union. It is allied to the Southern African Customs Union (SACU).
The main purpose of this trade is that all of the parties can have the same developm ...
*
Eco (currency)
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be m ...
*
Monetary union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, ...
References
External links
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*https://web.archive.org/web/20070828225900/http://commentisfree.guardian.co.uk/calestous_juma/2007/07/right_vision_wrong_strategy.html
*
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*https://web.archive.org/web/20120609070731/http://www.edpsg.org/Documents/Dp14.doc
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Banks of the African Union
Central banks
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