Historic Eritrean nakfa Cuban peso

Eritrean nakfa cuban peso history for January 2024. The highest quote for this month is 1.5982 (26/01/2024) and the lowest 1.5953 (01/01/2024). The difference between high and low is 0.18.

ERN CUP average rate for January 2024 is 1.59171, the change between 01/01/2024 and 31/01/2024 is +0.07 %.

01 January 20241 ERN = 1.594 CUP
02 January 20241 ERN = 1.595 CUP
03 January 20241 ERN = 1.593 CUP
04 January 20241 ERN = 1.589 CUP
05 January 20241 ERN = 1.591 CUP
06 January 20241 ERN = 1.593 CUP
07 January 20241 ERN = 1.593 CUP
08 January 20241 ERN = 1.588 CUP
09 January 20241 ERN = 1.590 CUP
10 January 20241 ERN = 1.592 CUP
11 January 20241 ERN = 1.591 CUP
12 January 20241 ERN = 1.593 CUP
14 January 20241 ERN = 1.595 CUP
15 January 20241 ERN = 1.589 CUP
16 January 20241 ERN = 1.589 CUP
17 January 20241 ERN = 1.595 CUP
18 January 20241 ERN = 1.591 CUP
19 January 20241 ERN = 1.593 CUP
22 January 20241 ERN = 1.590 CUP
23 January 20241 ERN = 1.592 CUP
24 January 20241 ERN = 1.590 CUP
25 January 20241 ERN = 1.590 CUP
26 January 20241 ERN = 1.592 CUP
28 January 20241 ERN = 1.593 CUP
29 January 20241 ERN = 1.594 CUP
30 January 20241 ERN = 1.590 CUP
31 January 20241 ERN = 1.593 CUP

01/01/2021: End of Monetary Dualism

The Cuban government completed the currency unification process, eliminating the convertible peso (CUC) and establishing a single currency system with the Cuban peso (CUP).

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.

22/01/2015: Dollarization policy imposed

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

20/12/2013: Currency Unification Implementation

The Cuban government officially started the process of currency unification, gradually phasing out the convertible peso (CUC) and improving monetary policy.

25/10/2011: Currency Unification Announced

The Cuban government announced plans to eliminate the dual currency system and unify the CUP and CUC.

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.

08/12/2004: Elimination of US Dollar Circulation

The Cuban government announced the withdrawal of the US dollar as legal tender and introduced the convertible peso (CUC) as a replacement.

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.

07/12/1994: Dollarization Decree

Cubans were allowed to hold and transact in foreign currencies, primarily the US dollar, to counter the economic crisis.

01/08/1994: Special Period

The Cuban economy faced a severe crisis due to the collapse of the Soviet Union, leading to currency devaluation and economic reforms.

01/01/1961: Nationalization of Banks

The Cuban government nationalized all private and foreign-owned banks, including their currency holdings.
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