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Money
Currency: Nakfa (Nkfa) = 100 cents. Notes are in denominations of Nkfa100, 50, 20, 10, 5 and 1. Coins are in denominations of Nkfa100, 25, 5 and 1.
Note: The IMF and the World Bank have recognised the circulation of Nakfa in both coin and paper note denominations.
Note: * Values are given against the Euro rather than Sterling as accurate exchange rate against Sterling not available.
Currency exchange: US Dollar bills are the most convenient form of exchange. Foreign currencies can be exchanged at the Commercial Bank of Eritrea in Asmara (which provides the best exchange rate), private currency exchange offices and major hotels.
Credit & debit cards: MasterCard and Diners Club are accepted on a limited basis. Check with your credit or debit card company for details of merchant acceptability.
Travellers cheques: These are generally accepted.
Currency restrictions: Import and export of local or foreign currency is unrestricted.
Exchange rate indicators
The following is included as a guide to the movements of the Nakfa against the Euro* and the US Dollar:
| Date | Apr ’02 | Aug ’02 | Oct ’02 | Jan ’03 | | €1.00= | 11.91 | 13.85 | 13.80 | 15.08 | | $1.00= | 13.55 | 14.13 | 14.08 | 14.33 |
Banking hours: Mon-Fri 0800-1200 and 1400-1800, Sat 0800-1230.
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
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