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Eritrea Currency was introduced in the year 1998. The currency code of Eritrea is ern.
Eritrean Nakfa
Nakfa is the official name for Eritrean Currency. The word Nakfa has been derived from the word Nacfa, which is a town situated on the Sahel Mountains. Nakfa was introduced in place of Ethiopian birr. It is denoted with the symbol EFN and can be divided into 100 cents with denominations of 1, 5, 10, 50 and 100. There are pictures of cultural groups as well as scenes from different areas of the country on both sides of the Eritrean note.
History of Eritrean Currency
In the ancient times, coins were an important medium of transaction and trade. Different kinds of coins made up of gold, bronze and silver was in use. These coins had inscriptions in Semitic and Greek languages and bore symbols of kings, sun and the moon. After the take over of Eritrea by the British, coins gradually started to disappear. Italian lire were used as Eritrean currency during the time of Italian colonization.
Eritrean Currency Exchange
Both housing and commercial banks provide currency exchange services. The smaller financial institutions offer better rates to the people but have been recently closed by the authorities in Eritrea. However, Himbol Exchange, which is owned by the government, still exists in Eritrea. A Few Eritrea Currency exchanges are located near the post office and around the Harnet Avenue.
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