Money & duty free for Eritrea
Exchange rates:
NakfaC$1 = ERN15
€1 = ERN15
£1 = ERN15
US$1 = ERN15
US Dollar
C$1 = US$0.75
€1 = US$1.04
£1 = US$1.24
Currency & Money
Nakfa (ERN) = 100 cents. Notes are in denominations of ERN100, 50, 10, 5 and 1. Coins are in denominations of ERN100, 50, 25, 10, 5 and 1.
The nakfa was introduced in 1998 to replace the Ethiopian birr, which signified a symbolic end to colonial rule and, as some say, contributed to tensions with their neighbour that precipitated the last war.
The import and export of foreign convertible currencies is limited to the equivalent of US$10,000 and must be declared.
Local currency may only be exported up to a maximum of ERN1,000.
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.
Until recently, the government sought to prevent the black market currency trading by requiring visitors to declare all foreign currency when entering and leaving Eritrea. Although this inconvenient and largely futile measure has been abandoned, it is still inadvisable to change money on the black market. There are periodic clampdowns on unofficial money changers (once common in Asmara around the central Post Office). You might be approached by a few daring souls, but to change money outside a bank or authorised dealership is not legal and you do so entirely at your own risk.
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