Bank Exchange Rates for Eritrean Nakfa
Bank Exchange Rates for Eritrea - ERN - Eritrean Nakfa - Nfk or ናቕፋ. The foreign exchange rates for Eritrea also known as the ISO code ERN or the Eritrean Nakfa currency and as a symbol Nfk or ናቕፋ.
The currency is called the ‘Nakfa’ and one Nakfa is equal to 100 cents, denominations are presented in ‘x cents’, so the coins available are 1, 5, 10, 25, 50 and 100 cents. Send Money Transfer to Eritrea.
Bank Exchange Rates for Eritrea
This is the legal tender and the formal money used in the official financial transaction in the African country of Eritrea.Its official code is 'ERN'. This currency has small subdivisions of 100 cents. The financial sector and money within the Eritrea economy is controlled by the Central Bank of Eritrea. It has the legal obligation to issue the official notes and coins in the economy.
The currency was first introduced in the country in 1997.It gets its name from the town of Nakfa found in Eritrea.
Currency Rate for Eritrea
Before the official use of the currency, the country used the birr that is used in Ethiopia. The two currencies are equivalents of each other. The country thus legally accepts the use of this currency in all official transactions that its citizens engage in within its border. It is also used in the foreign exchange market. In 2016,the country introduced bank notes with new features. This left those who had reserves of the old notes with money that was no longer recognized in the Eritrean economy. The introduction of the new currency notes with enhanced security features was aimed at ensuring that the currency was difficult to counterfeit.
Currency Rates for Eritrean Nakfa
The smaller denominations of the of this currency come in form of coins of 1 cent, 2 cent, 10 cent, 25 cent, 50 cent and 1 Nafka (an equivalent of 100 cents). The larger denominations come in form of notes with various unitary sub-divisions or 1 Nafka, 5 Nafka, 10 Nafka, 20 Nafka, 50 Nafka and 100 Nafka.
All these currencies are legal tender in Eritrea and used in all the official business transactions in the country. There is no official record of any other currency in Eritrea. Due to the low value of the currency compared to other world renowned currencies like the US dollar, the currency does not have a high demand in the foreign exchange market.
GBP to ERN
Denominations larger than 1 Nakfa are presented in Nakfa, meaning that the banknotes in circulation are available in denominations of 1, 5, 10, 20, 50 and 100 Nakfa. The official currency of Eritrea was introduced in 1997 and replaced the Ethiopian Birr at a 1:1 ratio. The nakfa is now pegged to the USD and currently, stands at $1 = 15 Nafka. Bank Exchange Rates for Eritrea. The foreign exchange rates for Eritrean Nakfa also known as the ISO code ERN. Send money transfer online with us with the cheapest options.