Eritrea The Eritrean Nakfa (ERN) is the official currency of Eritrea, issued by the Bank of Eritrea. Introduced in 1997, it replaced the Ethiopian Birr as part of Eritrea’s economic independence following its separation from Ethiopia. The Nakfa is pegged to the US dollar at a fixed rate of approximately 1 USD = 15 ERN, though black market rates vary significantly. Eritrea’s economy is based on agriculture, mining, and remittances, with government-controlled financial policies influencing the Nakfa's stability.
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