Historic Eritrean nakfa Pound sterling

Eritrean nakfa pound sterling history for February 2024. The highest quote for this month is 0.053001 (05/02/2024) and the lowest 0.052757 (06/02/2024). The difference between high and low is 0.46.

ERN GBP average rate for February 2024 is 0.05256, the change between 01/02/2024 and 29/02/2024 is -0.26 %.

01 February 20241 ERN = 0.0523 GBP
02 February 20241 ERN = 0.0521 GBP
05 February 20241 ERN = 0.0526 GBP
06 February 20241 ERN = 0.0530 GBP
07 February 20241 ERN = 0.0526 GBP
08 February 20241 ERN = 0.0526 GBP
09 February 20241 ERN = 0.0526 GBP
12 February 20241 ERN = 0.0526 GBP
13 February 20241 ERN = 0.0525 GBP
14 February 20241 ERN = 0.0527 GBP
15 February 20241 ERN = 0.0529 GBP
16 February 20241 ERN = 0.0527 GBP
18 February 20241 ERN = 0.0527 GBP
19 February 20241 ERN = 0.0526 GBP
20 February 20241 ERN = 0.0528 GBP
21 February 20241 ERN = 0.0526 GBP
22 February 20241 ERN = 0.0526 GBP
23 February 20241 ERN = 0.0524 GBP
25 February 20241 ERN = 0.0524 GBP
26 February 20241 ERN = 0.0524 GBP
27 February 20241 ERN = 0.0523 GBP
28 February 20241 ERN = 0.0524 GBP
29 February 20241 ERN = 0.0525 GBP

08/04/2020: COVID-19 impact on currency circulation

Due to the COVID-19 pandemic, circulation of nakfa banknotes decreased as people relied more on digital transactions.

25/02/2019: Introduction of new nakfa banknotes

Eritrea introduced new banknotes in denominations of 5, 10, 20, 50, and 100 nakfa.

30/10/2018: Currency devaluation

Eritrea devalued the nakfa by 14%, reducing its official exchange rate to 1 USD = 15 ERN.

23/06/2016: Brexit Referendum

The United Kingdom voted to leave the European Union, causing significant uncertainty and volatility in the pound sterling's value.

22/01/2015: Dollarization policy imposed

Eritrea imposed a dollarization policy, making the US dollar the predominant currency for most transactions.

14/11/2005: Currency redenomination

The Eritrean nakfa underwent a redenomination where old nakfa notes were replaced with new nakfa notes in a ratio of 1:1,000.

31/12/1999: Establishment of the Euro

The euro was introduced as an electronic currency, paving the way for the eventual replacement of some national currencies, including the pound.

08/11/1997: Introduction of the Eritrean nakfa

The Eritrean nakfa was introduced as the official currency of Eritrea, replacing the Ethiopian birr.

08/11/1997: Currency exchange rate fixed

The Eritrean nakfa was fixed at an exchange rate of 1 USD = 10 ERN.

16/09/1992: Black Wednesday

The pound sterling experienced a severe drop in value and the UK was forced to withdraw from the European Exchange Rate Mechanism (ERM).

14/02/1971: Decimalization of the Pound

The pound sterling was decimalized, with the old system of pounds, shillings and pence replaced by a decimal currency.

06/12/1921: Currency Separation with Ireland

Following the Anglo-Irish Treaty, Ireland left the United Kingdom and established its own currency, leading to separate pound sterling notes.

21/12/1816: Gold Standard Introduced

The pound sterling was officially placed on the gold standard, meaning it was backed by a fixed amount of gold.

27/07/1694: Bank of England Established

The Bank of England was founded and granted a royal charter, becoming the central bank of England.
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