Eritrean nakfa

Eritrean nakfa
1 nakfa banknote
ISO 4217 code	ERN
Central bank	Bank of Eritrea
User(s)	Eritrea
Inflation	18%
Source	The World Factbook, 2008 est.
Pegged with	U.S. dollar = 10 nakfa
Subunit
1/100	cent
Symbol	Nfk (Latin Script) ናቕፋ (Ethiopic Script)
Coins	1, 5, 10, 25, 50 cents, 1 nakfa
Banknotes	1, 5, 10, 20, 50, 100 nakfa

The nakfa (ISO 4217 code: ERN) is the currency of Eritrea. It is divided into 100 cents. The currency was introduced on 8 November 1997 to replace the Ethiopian birr at par, and it was named after the town of Nakfa.

Coins

Coins are made entirely of Nickel clad Steel. Each coin has a different reeded edge, instead of consistent reeding for all denominations. The 1 nakfa coin carries the denomination "100 cents".

Coin denominations:

• 1 cent
• 5 cents
• 10 cents
• 25 cents
• 50 cents
• 100 cents (1 nakfa)

Banknotes

The nakfa banknotes were designed by Clarence Holbert of the United States Bureau of Engraving and Printing in 1994.

The back of the five Nakfa bank note with the actual tree shown above it.

Banknotes come in denominations of:

• 1 nakfa
• 5 nakfa
• 10 nakfa
• 20 nakfa
• 50 nakfa
• 100 nakfa

There are three issues of banknotes. The first issue of all denominations is dated 24.5.1997; the second issue consists of only the 50- and 100-nakfa notes and is dated 24.5.2004; the third issues also consists of only the 50- and 100-nakfa notes and is dated 24.5.2011 (May 24 is Eritrea's Independence Day).^[1]

The nakfa has pegged with the United States dollar at 1 dollar = 10 nakfa since March 17, 2013 and has been pegged to 15 Nakfa = $ 1 since January 1, 2005.

This is an increase Nakfa of 66% against the U.S. dollar.

See also

• Economy of Eritrea

References

External links

• Regulations concerning the nakfa from Afrol news

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