Eritrean Nakfa

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Nakfa
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Country: EritreaEritrea Eritrea
Subdivision: 100 cents
ISO 4217 code : ERN
Abbreviation: Nfa
Exchange rate :
(August 27, 2020)

1  USD  = 15 ERN (fixed)

1  EUR  = 17.709 ERN
100 ERN = 5.6468 EUR

1  CHF  = 16.473 ERN
100 ERN = 6.0704 CHF

The Nakfa is the currency of Eritrea . A nakfa is divided into 100 cents. The Nakfa was introduced on November 8, 1997 and replaced the Ethiopian currency, the Ethiopian birr , which had been in effect until then . It is linked to the US dollar in the ratio of 1 USD = 15 ERN, but not freely convertible . That is why there is a black market in Eritrea , where up to twice as many ERNs are offered for convertible foreign currencies than with the official exchange. The currency is named after the northern city of Nakfa , which played a prominent role in the Eritrean War of Independence . Coins are available in denominations of 1 (in fact no longer in circulation), 5, 10, 25, 50 and 100 cents (= 1 Nakfa), banknotes of 1, 5, 10, 20, 50 and 100 Nakfa.