ERITREA

(ERN) Currency News >>

CURRENCY:

Nakfa - ERN

DENOMINATIONS:

NOTE: ERN100, 50, 10, 5 and 1

COIN: ERN100, 50, 25, 10, 5 and 1

US DOLLAR ACCEPTED?

Yes, widely.

CREDIT/DEBIT CARDS AND ATMS:

CREIT CARDS, CHEQUES ARE NOT ACCEPTED. ATMS ARE NOT AVAILABLE. The economy in Eritrea is CASH ONLY.

CURRENCY EXCHANGE:

Foreign currency can be exchanged at currency exchange offices and banks, but the best rates will be found at the Commercial Bank of Eritrea in Asmara.

TRAVELLER'S CHEQUES:

Best in US dollars, though these are not recommended in Eritrea - it can take a while for them to be processed. Major banks and hotels in the larger cities can exchange these.

BANKING HOURS:

Mon-Fri 0800-1700 (closed for two hours over lunch) Sat 0800-1200.

CURRENCY RESTRICTIONS:

Declare on arrival. No further details given.

COUNTRY OVERVIEW:

Eritrea is officially called the State of Eritrea and is a country in Africa, in the Northeast. It was a colony of Italy and then came under control of Ethiopa, but has been fully independent since the early 1990s. There has been much conflict in the country due to Eritrean independence fighters battling against the Ethiopian governments. There are still prevalent border conflicts with Ethiopia. The capital is Asmara and the official languages are Tigirinya and Arabic.

POPULATION:

Around 4 million.

ECONOMY:

The main element of the economy in Eritrea is agriculture - the vast majority of the population works in farming and farming-based work. The long war that raged between the country and Ethiopia has cause severe damage to the economy, with little growth. Despite this, the country has made effort to improve its infrastructure. In order to improve the economy, the country has needs to address issues such as low literacy and basic skills.