Eritrean Nakfa

Eritrean Nakfa

Eritrean Nakfa overview

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.

1 ERN to USD exchange rates chart

ERN to  exchange rates chart

Eritrean Nakfa news

Zimbabwe election race tightens: Poll

HARARE — Emmerson Mnangagwa has only a narrow lead over opposition leader Nelson Chamisa ahead of Zimbabwe’s landmark elections on July 30, according to a poll released on Friday.

about 3 hours conditional neutral
The peace deal with Ethiopia has not changed Afwerki's Eritrea

If anything, it has actually strengthened his regime.

2 months conditional positive
The Soccer-Star Refugees of Eritrea
The Soccer-Star Refugees of Eritrea

Athletes from the national team plan a mass defection.

over 1 year indicative neutral
A mother’s spirit of determination

Weyni is one of Ethiopia’s urban refugees in Addis Ababa capital. She is receiving cash grants under the urban livelihood project. Fondly nicknamed Adey or “mother” in Tigrigna language, she is amo...

over 1 year conditional negative
‘Cycling is life here’: training with Eritrea's national team – in pictures

On a recent trip to Asmara, Richard Poplak joined riders through the infamously hilly terrain to find out why the sport captures this small country’s heart and soul

over 1 year conditional neutral
Refugees on the Pass of Death between Italy and France

On the path with young Eritrean refugees hiking from Italy to France along the Cote D'Azure.

over 1 year indicative positive
Remembering the Eritrean dream on Independence Day

Unfortunately, there is not much to celebrate on the 26th anniversary of Eritrea's independence.

over 1 year indicative negative
Observers See Several Motives for Eritrean Involvement in Yemen

Eritrean official notes security concerns, but UN group says country might be receiving fuel, economic aid, investment, diplomatic support

over 1 year conditional negative
25 Years of Struggle Building Socialism in Eritrea; Fighting the Cancer of Corruption

This coming May 24 marks 25 years since a rag-tag afro coifed army of Eritrean rebel fighters drove their captured Ethiopian tanks through the Eritrean c

over 1 year indicative positive

ERN currency converter