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
Article
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.