Historic Eritrean nakfa Nigerian Naira

Eritrean nakfa nigerian naira history for February 2024. The highest quote for this month is 108.17 (28/02/2024) and the lowest 106.61 (23/02/2024). The difference between high and low is 1.44.

ERN NGN average rate for February 2024 is 97.58941, the change between 01/02/2024 and 29/02/2024 is -36.72 %.

01 February 20241 ERN = 79.23 NGN
02 February 20241 ERN = 79.20 NGN
03 February 20241 ERN = 93.90 NGN
04 February 20241 ERN = 93.90 NGN
05 February 20241 ERN = 79.10 NGN
06 February 20241 ERN = 93.03 NGN
07 February 20241 ERN = 93.40 NGN
08 February 20241 ERN = 94.20 NGN
09 February 20241 ERN = 93.13 NGN
12 February 20241 ERN = 97.95 NGN
13 February 20241 ERN = 99.73 NGN
14 February 20241 ERN = 100.5 NGN
15 February 20241 ERN = 100.7 NGN
16 February 20241 ERN = 100.6 NGN
17 February 20241 ERN = 99.05 NGN
18 February 20241 ERN = 99.05 NGN
19 February 20241 ERN = 99.09 NGN
20 February 20241 ERN = 99.22 NGN
21 February 20241 ERN = 106.6 NGN
22 February 20241 ERN = 106.7 NGN
23 February 20241 ERN = 106.6 NGN
24 February 20241 ERN = 98.77 NGN
25 February 20241 ERN = 98.77 NGN
26 February 20241 ERN = 106.7 NGN
27 February 20241 ERN = 102.5 NGN
28 February 20241 ERN = 104.9 NGN
29 February 20241 ERN = 108.3 NGN

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.

20/03/2020: Impact of COVID-19 Pandemic

The outbreak of the COVID-19 pandemic resulted in a significant decline in oil prices, affecting Nigeria's economy and putting pressure on the Naira's exchange rate.

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.

20/06/2016: Adoption of Flexible Exchange Rate Policy

The Central Bank of Nigeria adopted a flexible exchange rate policy, allowing the Naira to float freely against other currencies based on market forces.

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.

29/05/1999: Transition to Democratic Governance

Nigeria transitioned to democratic governance, leading to economic reforms and stability, positively affecting the value and management of the Naira currency.

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.

12/06/1993: Introduction of the Third Nigerian Naira

The third Nigerian Naira (NGN) was introduced after the country's return to civilian rule following years of military regimes.

31/12/1984: Implementation of the Structural Adjustment Program

The Nigerian government implemented the Structural Adjustment Program, leading to a significant devaluation of the Naira and the adoption of a floating exchange rate.

01/07/1979: Adoption of the Second Nigerian Naira

The second Nigerian Naira (NGN) was introduced following the adoption of a new constitution and the country's transition to civilian rule.

01/07/1973: Introduction of decimal currency

The Nigerian Naira was introduced as the official currency of Nigeria, replacing the pound sterling with a decimal currency system.
ERN NGN August 2023
ERN NGN September 2023
ERN NGN October 2023
ERN NGN November 2023
ERN NGN December 2023
ERN NGN January 2024
ERN NGN February 2024
ERN NGN March 2024
ERN NGN April 2024
ERN NGN May 2024
ERN NGN June 2024
ERN NGN July 2024
ERN NGN August 2024