Eritrean Nakfa Wiki
The nakfa (ISO 4217 code: ERN; Tigrinya: ናቅፋ naḳfa, Arabic: ناكفا nākfā) 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 = ERN 15. At earlier times, it was officially pegged at USD 1 = ERN 13.50. The currency is not fully convertible, so black market rates available on the streets typically offered a rate of 32 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 of 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. With currencyconverts.com you can convert Eritrean Nakfa (Nfk) to any other foreign currency. To convert a certain amount of Eritrean Nakfa use currency converter. This page provides a free online information about currency conversion or exchange rates for world fiat currencies. Exchange rates for Eritrean Nakfa is calculated from mid-market real price and updates daily. Usually people search for ERN exchange rate before business travel to Eritrea, or during trip to other countries and want to check rate of Eritrean Nakfa in local money. On this page you can convert Eritrean Nakfa to main foreign currencies, get fast access to most used amounts of ERN or aether calculate any amount of Eritrean Nakfa in other fiat money.