ERN · ERN
Eritrean Nakfa (ERN)
The Eritrean Nakfa (ERN) is the official currency of Eritrea, introduced in 1997 to replace the Ethiopian Birr. It is issued by the Bank of Eritrea and is pegged to the US dollar at a fixed rate.
Convert this currency
Converted amount
0.0665 USD
Exchange rate
1 ERN = 0.066534 USD
Updated
8/9/2026 12:00 AM
Source
ApiForex Managed Source 3
ERN · Eritrean Nakfa
Eritrean Nakfa (ERN): Overview and History
The Eritrean Nakfa (ERN) is the official currency of Eritrea, a country located in the Horn of Africa. It was introduced in November 1997, replacing the Ethiopian Birr at par, following Eritrea's independence from Ethiopia in 1993. The currency is issued and regulated by the Bank of Eritrea, the country's central bank. The Nakfa is subdivided into 100 cents, although coins are rarely used in practice due to the country's largely cash-based economy.
The name 'Nakfa' is derived from the town of Nakfa, a historic site of the Eritrean War of Independence. The currency symbol is Nfk, and its ISO code is ERN. The Bank of Eritrea manages the currency and sets monetary policy, though the country has faced economic challenges, including high inflation and limited foreign exchange reserves. As a result, the Nakfa is not freely convertible on the international market, and its exchange rate is officially pegged to the US dollar at a fixed rate of 1 USD = 15 ERN, though parallel market rates may differ significantly.
For those interested in the Eritrean economy, the Nakfa plays a central role in daily transactions, but its use is largely confined to within the country. Due to international sanctions and limited financial integration, the Nakfa is not widely traded on global forex markets. As with any currency, its value is subject to economic conditions, but the fixed peg provides a degree of stability in official transactions. It is important to note that the information provided here is for educational purposes and does not constitute financial advice.
- Code
- ERN
- Symbol
- ERN
- Current rate
- USD / ERN
Currency information
Last updated · 8/7/2026
Introduced in 1997, replacing the Ethiopian birr at par.
- Official name
- Eritrean Nakfa
- Legal tender status
- Legal tender in Eritrea
- Decimal places
- 2
- Minor unit
- cent · 1 ERN = 100 cent
- Countries
- Eritrea
- Issuing authority
- Bank of Eritrea
- Central bank
- Bank of Eritrea · Official website
- Exchange-rate regime
- Managed float (de facto pegged to the US dollar)
Common banknotes
1 Nakfa · 5 Nakfa · 10 Nakfa · 20 Nakfa · 50 Nakfa · 100 Nakfa
Common coins
1 cent · 5 cents · 10 cents · 25 cents · 50 cents · 1 Nakfa
Also known as
Nakfa · Eritrean Nakfa · ERN · Nfk
Practical notes
- The Nakfa is not freely convertible.
Priority currency pairs
The most useful conversions for this currency.
Eritrean Nakfa questions
What is the ERN exchange rate?
The displayed rate is the latest available reference rate for USD/ERN. It can change throughout the day.
How can I convert ERN online?
Use the converter above to calculate indicative amounts between ERN and the other supported currencies.