nakfa

Also known as Eritrean nakfa, Nkf

currency of Eritrea

Key facts

Code: ERN (numeric: 232 )
Symbol: Nfk ‎ ( Latin script ), ናቕፋ ( Ge'ez script ), ناكفا ( Arabic script )
1 100: Cent
Banknotes: 1, 5, 10, 20, 50, 100 nakfa
Coins: 1, 5, 10, 25, 50, 100 cents
Date of introduction: 15 November 1997
User s: Eritrea
Central bank: Bank of Eritrea
Inflation: 9%
Source: April 2017
Pegged with: U.S. dollar = 15 nakfa

via Wikipedia infobox

~3 min read

Encyclopedic overview

The nakfa (ISO 4217 code: ERN; Tigrinya: ናቕፋ naḳfa, or Arabic: ناكفا or نقفة nākfā) is the currency of Eritrea and was introduced on 15 November 1997 to replace the 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 US$1 = ERN 15. At earlier times, it was officially pegged at US$1 = ERN 13.50. The currency is not fully convertible, so black market rates available on the streets typically offered a rate of 15 nakfas per dollar.

Excerpted from Wikipedia’s “nakfa” article, available under the CC BY-SA 4.0 licence.