Currency - Eritrean nakfa

Currency  >  Eritrean nakfa

Eritrean nakfa

Nfk
The nakfa (ISO 4217 code: ERN) 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 = ERN15. Prior to that it was officially pegged at USD$1 = ERN13.50. 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 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.

Nakfa 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

Country

Eritrea

Eritrea, officially the State of Eritrea is a country in the Horn of Africa, with its capital at Asmara. It is bordered by Sudan in the west, Ethiopia in the south, and Djibouti in the southeast. The northeastern and eastern parts of Eritrea have an extensive coastline along the Red Sea. The nation has a total area of approximately 117600 km2, and includes the Dahlak Archipelago and several of the Hanish Islands. Its toponym Eritrea is based on the Greek name for the Red Sea (Ἐρυθρὰ Θάλασσα Erythra Thalassa), which was first adopted for Italian Eritrea in 1890.

Eritrea is a multi-ethnic country, with nine recognized ethnic groups in its population of around million. Most residents speak languages from the Afroasiatic family, either of the Ethiopian Semitic languages or Cushitic branches. Among these communities, the Tigrinyas make up about 55% of the population, with the Tigre people constituting around 30% of inhabitants. In addition, there are a number of Nilo-Saharan-speaking Nilotic ethnic minorities. Most people in the territory adhere to Christianity or Islam.

Language

Eritrean nakfa (English)  Nacfa eritreo (Italiano)  Eritrese nakfa (Nederlands)  Nakfa érythréen (Français)  Eritreischer Nakfa (Deutsch)  Nakfa (Português)  Эритрейская накфа (Русский)  Nakfa (Español)  Nakfa (Polski)  厄立特里亚纳克法 (中文)  Nakfa (Svenska)  ナクファ (日本語)  Еритрейська накфа (Українська)  에리트레아 낙파 (한국어)  Eritrean nakfa (Suomi)  Nakfa Eritrea (Bahasa Indonesia)  Nakfa (Lietuvių)  Nakfa (Dansk)  Eritrejská nakfa (Česky)  Eritre nakfası (Türkçe)  Еритрејска накфа (Српски / Srpski)  Eritreai nakfa (Magyar)  Eritrejska nakfa (Hrvatski)  Νάκφα (Ελληνικά) 
 mapnall@gmail.com