Eritrean nakfa

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For an earlier currency of Eritrea, see tallero.
Eritrean nakfa
Eritrea-1Nakfa.jpg
1 nakfa banknote
ISO 4217 code ERN
Central bank Bank of Eritrea
User(s)  Eritrea
Inflation 18%
 Source The World Factbook, 2008 est.
Pegged with U.S. dollar = 10 nakfa
Subunit
 1/100 cent
Symbol Nfk (Latin Script) ናቕፋ (Ethiopic Script)
Coins 1, 5, 10, 25, 50 cents, 1 nakfa
Banknotes 1, 5, 10, 20, 50, 100 nakfa

The nakfa (ISO 4217 code: ERN) is the currency of Eritrea. It was introduced on 8 November 1997 to replace the Ethiopian birr at par. Named after the town of Nakfa, it is divided into 100 cents.

Coins[edit]

Nakfa coins are made entirely of Nickel clad Steel. Each coin has a different reeded edge, instead of consistent reeding for all denominations. The 1 nakfa coin carries the denomination "100 cents".

Coin denominations:

  • 1 cent
  • 5 cents
  • 10 cents
  • 25 cents
  • 50 cents
  • 100 cents (1 nakfa)

Banknotes[edit]

The nakfa banknotes were designed by Clarence Holbert of the United States Bureau of Engraving and Printing in 1994.

The back of the five Nakfa bank note with the actual tree shown above it.

Banknotes come in denominations of:

  • 1 nakfa
  • 5 nakfa
  • 10 nakfa
  • 20 nakfa
  • 50 nakfa
  • 100 nakfa

There are three four issues issues of banknotes. The first issue of all denominations is dated 24.5.1997; the second issue consists of only the 50- and 100-nakfa notes and is dated 24.5.2004; the third issues also consists of only the 50- and 100-nakfa notes and is dated 24.5.2011, and the fourth issues consists of only the 10- and 20-nakfa notes and is dated 24.5.2012. (May 24 is Eritrea's Independence Day).[1]

Current ERN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

The nakfa has pegged with the United States dollar at 1 dollar = 10 nakfa since March 17, 2013, and has been pegged to 15 Nakfa = $ 1 since January 1, 2005.

This is an increase Nakfa of 66% against the U.S. dollar.

See also[edit]

References[edit]

  1. ^ Linzmayer, Owen (2012). "Eritrea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 

External links[edit]

Preceded by:
Ethiopian birr
Reason: currency independence
Ratio: at par
Currency of Eritrea
1997 –
Succeeded by:
Current