Eritrean Nakfa

Eritrean Nakfa

The nakfa (ISO 4217 code: ERN) is the currency of Eritrea and was introduced on 8 November 1997 to replace the Ethiopian birr at par. The currency takes its name from the Eritrean town of Nakfa, site of the first major victory of the Eritrean War of Independence. The nakfa is divided into 100 cents. The nakfa is pegged to the US dollar at a fixed rate of USD$1 = ERN15. Prior to that it was officially pegged at USD$1 = ERN13.50, however black market rates available on the streets typically offered a rate of 22 nakfas per dollar.Between 18 November and 31 December 2015, the Bank of Eritrea began replacement of all nakfa banknotes. The banknote replacement initiative was designed to combat counterfeiting, the informal economy but primarily Sudanese human traffickers who had accepted payments in nakfa banknotes in exchange for transporting would-be migrants primarily to Europe. A consequence of this was substantial amounts of the country's currency existed in vast hoardings outside Eritrea. The plan to replace the country's currency was top secret and designed to prevent human traffickers bringing their funds back in time to exchange for the new banknotes. On 1 January 2016 the old nakfa banknotes ceased being recognized as legal tender, rendering external stockpiles of currency worthless.The current series of banknotes is the artwork of an Afro-American banknote designer, Clarence Holbert, and printed by German currency printer Giesecke & Devrient.

British Pound

British Pound

The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the Chinese yuan it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is also the third most-held reserve currency in global reserves (about 4%).The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.

19 Eritrean Nakfa to British Pound exchange rates chart

19 ERN to GBP exchange rates graph
19 ERN to GBP Spot rate – This is known more formally as the ‘interbank’ rate. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. In the business, this is sometimes referred to as a ‘spot rate’. It is not the tourist rate and you cannot buy currency at this rate, as you are buying relatively small amounts of foreign currency. In everyday life it is the same as the difference between wholesale and retail prices. The rates shown in financial newspapers and in broadcast media are usually the interbank rates.

19 ERN to GBP exchange rates table

Exchange ERN to GBP
19 Eritrean Nakfa = 0.969 British Pound
38 Eritrean Nakfa = 1.939 British Pound
95 Eritrean Nakfa = 4.847 British Pound
190 Eritrean Nakfa = 9.695 British Pound
Exchange Eritrean Nakfa to British Pound
19 Eritrean Nakfa to British Pound Cross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. For example, if you want to exchange Australian dollars into US dollars.

19 ERN to GBP exchange rates news

GIORNATA MONDIALE DELLA POSTA, L'UFFICIO DI ASMARA, ERITREA

Oggi, giornata mondiale della Posta. In Italia la Posta Regia è del 1862. In Eritrea, nella capitale Asmara, è costruita nel 1916, tra i primi edifici.

indicative neutral
'I was euphoric': Eritrea's joy becomes Ethiopia's burden amid huge exodus

As a sevenfold increase in the number of Eritrean refugees arriving in Ethiopia stretches regional resources, fears are growing that the border may close again

indicative negative
The peace deal with Ethiopia has not changed Afwerki's Eritrea

If anything, it has actually strengthened his regime.

conditional positive
Asia stocks tumble after US rout; Tokyo down 3%

SYDNEY (BLOOMBERG) - Asian stocks tumbled at the open on Tuesday (Nov 13), with Japanese benchmarks sliding more than 3 per cent, following a tech-led slump on Wall Street overnight thanks to a deteriorating outlook for iPhone sales.. Read more at straitstimes.com.

indicative positive
Currency traders betting on a Brexit deal are having a rough time
Currency traders betting on a Brexit deal are having a rough time

A buoyant U.S. dollar, helped by uncertainties in the eurozone, is weighing on the British pound and making this Monday a painful start to the week for traders who believe a Brexit deal, which would likely give sterling a massive boost, could be near.

conditional negative
Great British pound slides in value amid renewed Brexit worries
Great British pound slides in value amid renewed Brexit worries

The Great British pound has slid in value against the US dollar amid renewed worries surrounding the ongoing issue of Brexit.

conditional neutral
British Pound Jumps As Barnier Says Brexit Treaty Text "Almost Ready"

Reporting to EU27 Ministers today after late night talks, Michel Barnier, the EU’s Chief Negotiator says “the parameters of a possible agreement are very largely defined”

conditional neutral

19 ERN to GBP currency converter