How can I get the best exchange rate between US dollar and the Eritrean nakfa?
The best exchange rate by far in Eritrea is available on the black market in the streets of Asmara, the capital city. In fact, you may be able to get many times more Eritrean nakfa for your US dollars than you would through other services. Keep in mind that exchanging money on the black market is illegal and punishable in Eritrea.
ATMs are known to be extremely limited in Eritrea, so don’t rely on using a credit or debit card during your trip. Instead, make sure you bring a sufficient amount of cash with you, either in US dollars or Eritrean nakfa.
If you’re sending money to someone in Eritrea, choose the money transfer service that offers an exchange rate as close to the mid-market rate as possible, but keep in mind any fixed service fees that may be added on top — some of these services will also offer cash-pickup for your recipient.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
Sub unit symbol:
$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The nakfa is the official currency of Eritrea, an African country that does not have an official language. It replaced the Ethiopian birr in 1997 and is pegged to the US dollar.
Sub unit symbol:
1, 5, 10, 20, 50, 100 nakfa
1c, 5c, 10c, 25c, 50c, 1 nakfa
What affects exchange rates between the US dollar and the Eritrean nakfa?
Although the Eritrean currency is officially pegged to the US dollar, the black market rate fluctuates based on the supply and demand in the market. Factors that can affect the black market exchange rate include things like:
How difficult it is for Eritrean people to get access to dollars
The shape of the Eritrean economy
Employment levels in the country
The official exchange rate between the dollar and the nakfa is not affected by any external factors.
Send money from USD to ERN
How does the Eritrean nakfa trade against the US dollar historically?
In 1997, the Eritrean nakfa was introduced when it replaced the Ethiopian birr as the official currency of Eritrea.
In 2005, the nakfa became pegged at a rate of 15 nakfa to 1 dollar, following a devaluation from 13.50 nakfa to 1 dollar
It is reported online that the black market rate on the streets in Eritrea is about 100 nakfa to 1 dollar. Following the most recent devaluation in 2005, the black market rate was about 20 nakfa to 1 dollar.
US Dollar to the Eritrean Nakfa for the last 10 days
1 USD =
US Dollar to the Eritrean Nakfa for the last 10 months
1 USD =
US Dollar to the Eritrean Nakfa for the last 10 years
Adrienne Fuller is the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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