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Would you like to know name of the currency in Eritrea? The local currency in Eritrea is called Nakfa.

The Eritrean Nakfa is issued and managed by the Bank of Eritrea. To find out the current currency exchange rates for Nakfa to other major currencies of the world, click on foreign currency rates.

Eritrean Currency Information
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The currency used in Eritrea is called as the Nakfa. This currency is denoted with the currency sign Nfk and the ISO 4217 Code for the Eritrean Nakfa is ERN. The Nakfa, is the official currency of the Eritrea . It is divided into 100 smaller units called cent.

The constitution of Eritrea provides that the Eritrea government shall have the power to print the Eritrean Nakfa and cent coins to be used as a legal tender in Eritrea. The Eritrean Nakfa bank notes and Cent coins are both designated as "legal tender" in payment of debts.

The Eritrean Nakfa bill uses the decimal system, consisting of 100 equal units.

The symbol Nfk, usually written before the numerical amount, is used for the Eritrean Nakfa.

Currently printed bank notes denominations are 1, 5, 10, 20, 50, 100 nakfa and the coins are minted in the denominations of 1, 5, 10, 25, 50 cents, 1 nakfa .

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The Effect of Balance of Trade and Investment on the Value of Eritrean Nakfa
Financial analysts regularly cite the balance of trade and investment in Eritrea as the most important influence on the value of the Nakfa. The difference between what the Eritrea exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Nakfa exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Nakfa exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the Eritrean Nakfa.

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