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.

Norwegian Krone

Norwegian Krone

The krone [ˈkruːnə] (sign: kr; code: NOK), plural kroner, is the currency of Norway and its dependent territories. It is subdivided into 100 øre, which exist only electronically since 2012. The name translates into English as crown. The krone was the thirteenth most traded currency in the world by value in April 2010, down three positions from 2007.

1 Eritrean Nakfa to Norwegian Krone exchange rates chart

1 ERN to NOK exchange rates graph
1 ERN to NOK 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.

1 ERN to NOK exchange rates table

Exchange ERN to NOK
1 Eritrean Nakfa = 0.559 Norwegian Krone
2 Eritrean Nakfa = 1.117 Norwegian Krone
5 Eritrean Nakfa = 2.793 Norwegian Krone
10 Eritrean Nakfa = 5.587 Norwegian Krone
Exchange Eritrean Nakfa to Norwegian Krone
1 Eritrean Nakfa to Norwegian Krone 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.

1 ERN to NOK 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
EUR/NOK remains stable so far – Danske Bank

The Norwegian Krone appears stable following recent inflation figures and balanced positioning, noted Mikael Milhoj, Senior Analyst at Danske Bank. Key

conditional positive
Crypto Currency: Ethereum Analysis And Bitcoin’s Relative Rotation Graph

Ethereum Analysis and Bitcoin’s Relative Rotation Graph

indicative neutral
Is The Australian Dollar Signaling A Resumption Of The U.S. Dollar's Advance?

The US dollar's downside correction may have ended the middle of last week. The FOMC left little doubt that a rate hike will be delivered next month. Oil prices

conditional negative

1 ERN to NOK currency converter