: "New currency in the African Union.
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African Union launches Afro – Currency torn continent must unite (translation)
By Jelmer Oosthoe – 25 February 2011
The African Union today introduced the long awaited new African currency. The Afro replaces 53 different currencies, including the Nigerian Naira, the Sudanese Dinar and the Somali Shilling. The coin is intended to bring monetary and political stability to the continent. Renewing the coin may be just ’smoke and mirrors’.
The transition is partly subsidized by the World Bank, IMF and China. Further contributions to the multibillion-dollar project comes from fundraising by NGOs. In addition, there are campaigns across the EU to gain the necessary match-funding.
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