Eritrean nakfa

	Eritrean nakfa
	1 nakfa banknote
ISO 4217 Code	ERN
User(s)	Eritrea
Inflation	18%
Source	The World Factbook, 2008 est.
Pegged with	U.S. dollar = 16.5 nakfa
Subunit
1/100	cent
Symbol	Nfk
Coins	1, 5, 10, 25, 50, 100 cents
Banknotes	1, 5, 10, 20, 50, 100 nakfa
Central bank	Bank of Eritrea

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

For an earlier currency of Eritrea, see tallero

[edit] Coins

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

Coinage denominations:

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

[edit] Banknotes

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 two issues of banknotes. The first issue of all denominations is dated 24 May 1997; the second issue consists of only the 50- and 100-nakfa notes and is dated 24 May 2004 (May 24 is Eritrea's Independence Day).^[1].

Current ERN exchange rates

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