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.
When it is fully implemented, the ACB will be the sole issuer of the African single currency (the "Afro" or "Ariq") and/or working along African regional reserve banks, it will become the banker of the African Government and/or regional unions, it will be the banker to Africa's private and public banking institutions along African regional central banks, it will regulate, consult and supervise the African banking industry in sync with regional banking industries and unions, and it will set the official interest and exchange rates which may or may not be in sync with regional central banks; all in conjunction with the African Government's administration.
The single African currency is to be composed of currency units made up of regional central bank currency units of which are made up country specific currencies (The Arab Maghreb Union (AMU) - Northern Afriq, Southern African Development Community (SADC) - Southern Afriq, Economic Community of West African States (ECOWAS) - Western Afriq or ECO, East African Community (EAC), Eastern Afriq - Common Market for Eastern and Southern Africa (COMESA) - Central Afriq etc.).