The nakfa is pegged to the US dollar at a fixed rate of US$1 = ERN 15. At earlier times,[when?] 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.[2][needs update]
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 hoards outside of 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.[3] On 1 January 2016 the old nakfa banknotes ceased being recognized as legal tender, rendering external stockpiles of currency worthless.[4]
The current series of banknotes is the artwork of an Afro-American banknote designer, Clarence Holbert,[5] and printed by German currency printer Giesecke & Devrient.[6]
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:
There have been five series of banknotes since the currency's launch. The first issue for all denominations was 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 was dated 24.5.2011, and the fourth issues consisted of only the 10 and 20 nakfa notes and was dated 24.5.2012. (May 24 is Eritrea's Independence Day).[7] The current fifth banknote series which rendered all previous currency valueless is dated 24.5.2015.
Banknotes of the Eritrean nakfa (1997–present series)
Eritrea's government has resisted calls to float the nation's currency, preferring the stability of a fixed exchange rate. However periodic devaluations have been made. ERN is a very weak currency. The de facto exchange rate of the currency is around 100 ERN for US$1.[citation needed] The currency does not have a good demand outside of Eritrea. The black markets that exist in Asmara and a few other towns show the diminishing values of ERN.
eritrean, nakfa, earlier, currency, eritrea, tallero, nakfa, 4217, code, tigrinya, ናቕፋ, naḳfa, arabic, ناكفا, نقفة, nākfā, currency, eritrea, introduced, november, 1998, replace, ethiopian, birr, currency, takes, name, from, eritrean, town, nakfa, site, first,. For an earlier currency of Eritrea see tallero The nakfa ISO 4217 code ERN Tigrinya ናቕፋ naḳfa or Arabic ناكفا or نقفة nakfa is the currency of Eritrea and was introduced on 15 November 1998 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 Eritrean nakfaናቕፋ code tir promoted to code ti Tigrinya ناكفا Arabic 1 Nakfa BanknoteISO 4217CodeERN numeric 232 Subunit0 01UnitSymbolNkf Latin script ናቕፋ Ge ez script ناكفا Arabic script DenominationsSubunit 1 100centBanknotes1 5 10 20 50 100 nakfaCoins1 5 10 25 50 cents 1 nakfaDemographicsUser s EritreaIssuanceCentral bankBank of EritreaValuationInflation9 SourceApril 2017 1 Pegged withU S dollar 15 nakfaThe nakfa is pegged to the US dollar at a fixed rate of US 1 ERN 15 At earlier times when 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 2 needs update 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 hoards outside of 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 3 On 1 January 2016 the old nakfa banknotes ceased being recognized as legal tender rendering external stockpiles of currency worthless 4 The current series of banknotes is the artwork of an Afro American banknote designer Clarence Holbert 5 and printed by German currency printer Giesecke amp Devrient 6 Contents 1 Coins 2 Banknotes 3 Exchange rate 4 See also 5 References 6 External linksCoins EditNakfa 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 1 nakfa 100 cents Banknotes EditThe 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 Ficus sycomorus tree shown above it Banknotes come in denominations of 1 nakfa 5 nakfa 10 nakfa 20 nakfa 50 nakfa 100 nakfaThere have been five series of banknotes since the currency s launch The first issue for all denominations was 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 was dated 24 5 2011 and the fourth issues consisted of only the 10 and 20 nakfa notes and was dated 24 5 2012 May 24 is Eritrea s Independence Day 7 The current fifth banknote series which rendered all previous currency valueless is dated 24 5 2015 Banknotes of the Eritrean nakfa 1997 present series Image Value Dimensions Main Color Description Date of issue Date of first issue WatermarkObverse Reverse 1 1 nakfa 140 x 70 mm Dark brown and black on multicolored underprint Triptych portrait of three children of Eritrea s nine nationalities flag raising Children in bush school 19972015 May 24 1997 Camel head 2 5 nakfa 140 x 70 mm Dark brown and black on multicolored underprint Triptych portrait of Eritrea s nine nationalities Young boy young man and older man flag raising Sycamore fig tree 19972015 May 24 1997 Camel head 3 10 nakfa 140 x 70 mm Dark brown and black on multicolored underprint Triptych portrait of three young women of Eritrea s nine nationalities flag raising Eritrean railway 199720122015 May 24 1997 Camel head 4 20 nakfa 140 x 70 mm Dark brown and black on multicolored underprint Triptych portrait of three young women of Eritrea s nine nationalities flag raising Three agricultural scenes farmer plowing with a camel women harvesting woman on tractor 199720122015 May 24 1997 Camel head 5 50 nakfa 143 x 71 mm Brown red on pale yellow underprint Triptych portrait of three young women of Eritrea s nine nationalities flag raising Freighter ships at Massawa port 1997200420112015 May 24 1997 Camel head 6 100 nakfa 147 x 72 mm Blue and black on pale yellow underprint Triptych portrait of three young women of Eritrea s nine nationalities flag raising Farmers plowing with oxen 199720042011 May 24 1997 Camel headExchange rate EditCurrent ERN exchange ratesFrom Google Finance AUD CAD CHF CNY EUR GBP HKD JPY USD ETBFrom Yahoo Finance AUD CAD CHF CNY EUR GBP HKD JPY USD ETBFrom XE com AUD CAD CHF CNY EUR GBP HKD JPY USD ETBFrom OANDA AUD CAD CHF CNY EUR GBP HKD JPY USD ETBEritrea s government has resisted calls to float the nation s currency preferring the stability of a fixed exchange rate However periodic devaluations have been made ERN is a very weak currency The de facto exchange rate of the currency is around 100 ERN for US 1 citation needed The currency does not have a good demand outside of Eritrea The black markets that exist in Asmara and a few other towns show the diminishing values of ERN See also EditEconomy of EritreaReferences Edit Inflation rate average consumer prices IMF April 2017 retrieved 9 October 2017 A Broke Nation PDF Universite Cheikh Anta Diop de Dakar 2004 archived from the original PDF on 22 October 2016 retrieved 22 October 2016 Eritrea won t shorten national service despite migration fears Sallina News 2016 retrieved 22 October 2016 Meet the New Eritrea Nakfa Bank Notes Tesfa News 2015 retrieved 22 October 2016 Designing Eritrea s Money was Dream Come True Tesfa News 2015 retrieved 22 October 2016 Currency and exchange facilities Eritrea Be 2015 retrieved 22 October 2016 Linzmayer Owen 2012 Eritrea The Banknote Book San Francisco CA www BanknoteNews com External links EditRegulations concerning the nakfa from Afrol newsPreceded by Ethiopian birrReason currency independenceRatio at par Currency of Eritrea 1997 Succeeded by Current Portals Africa Eritrea Money Numismatics Retrieved from https en wikipedia org w index php title Eritrean nakfa amp oldid 1131275700, wikipedia, wiki, book, books, library,
