ERN

Eritrean Nakfa

ERN is the official currency of Eritrea. It is issued by the Bank of Eritrea and is subdivided into 100 cents.

The nakfa was introduced in 1997, replacing the Ethiopian birr at par. It is named after Nakfa, a town significant in the independence struggle. The official exchange rate is fixed at 15 ERN = 1 USD, though black market rates differ significantly. The currency is tightly controlled by the government.

Related Terms

USD

United States Dollar

USD is the official currency of the United States and its territories. It's the world's primary rese...

ETB

Ethiopian Birr

ETB is the official currency of Ethiopia. It is issued by the National Bank of Ethiopia and is subdi...

DJF

Djiboutian Franc

DJF is the official currency of Djibouti. It is issued by the Central Bank of Djibouti and has no su...

Bank of Eritrea

Bank of Eritrea is Eritrea's central bank. It sets monetary policy, issues the ERN, and supports fin...

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