Nakfa - Eritrean currency

Currency and exchange facilities

The national currency of Eritrea is the Nakfa. It was introduced in 1998 and has been named after the town of Nacfa, the town in the Sahel mountains that served as the headquarters of the EPLF during Eritrea's armed struggle against Ethiopian occupation, and so both Nakfa's became a symbol of Eritrea's hard-fought-for independence.

The Eritrean Nakfa is issued in notes with denominations of 100, 50, 10, 5 and 1 Nakfa. Coins are 100 cents, 50, 25, 10, 5 and 1 cent. One side of the notes depicts the various ethnic groups in Eritrea, while the reverse side has scenes from various parts of the country.

The Commercial and the Housing bank provide exchange services for various currencies, but many people preferred the shorter lines and better rates provided by the small (but official) exchange offices. Unfortunately they have been closed by the Eritrean authorities. The only one left is the government owned Himbol Exchange.

There is a lot of unofficial moneychangers around the post office and on Harnet Avenue. Do not attempt to change currency on the streets, since it is not allowed. if you do indulge, you're taking a big risk for a small gain. The moral argument against using the black market is that you are robbing the government of Eritrea of valuable hard currency in order to make your cheap holiday even cheaper.

NOTE: All foreign currency in the form of cash and traveller's cheques carried into Eritrea must be declared on arrival in the country. A Currency Declaration Form must be completed and submitted to customs authorities at Asmara International Airport. Customs officials may require visitors to produce all their money.

The Currency Declaration Form must be carried throughout your visit and all exchange transactions must be recorded on it. On departure from Eritrea customs officials carefully tally the amounts of money exchanged and spent as against the amounts declared. Any discrepancy will result in a fine. Undeclared money discovered on a traveller will be confiscated. Loss of the Currency Declaration Form can have very serious consequences and involve a visitor in a bureaucratic nightmare.

The only legal money exchangers are banks and hotels. Each transaction is noted down on the Currency Declaration Form. Street money changers offer rates as much as 25% better than the official rate. But these transactions are illegal and one risks confiscation of one's money if caught.

Credit cards

Credit cards are used in banking transactions in Eritrea, and are accepted in the major Eritrean hotels. Airlines and major travel agencies also accept credit cards. A commission of up to 5% will be charged, so check in advance.

Travelers cheques

The major banks in Asmara and Massawa, the major hotels, some airline offices and some travel agencies accept travelers cheques. Commission and costs will be charged when they are cashed. Travelers cheques are best carried in US dollars. Because of queues and bureaucracy, the process can be lengthy (hours!). Be careful not to get struck with cheques only.

Goverment owned Himbol exchange & remittance office. BahtiMeskerem Asmara Eritrea.

Government owned Himbol exchange & remittance office.

Himbol offices in Asmara

Bahti Meskeren Square	12 07 88 / 12 07 35 fax 12 10 58
Harnet Avenue	12 41 34 / 12 63 66
Inter-Continental Hotel	15 09 24
Asmara International Airport	18 94 74
Himbol Financial Services P.O. Box 1113 Asmara Eritrea Tel. +2911 12 07 88 Fax +2911 12 10 58 E-mail: asmex@eol.com.er

Exchange rates as per 02-06-2009
Foreign currency	Commercial Bank of Eritrea / Himbol
Foreign currency	Buy rate	Sell rate
US $	15.0000
Euro	21.3435
GB Pound	24.5745
Swiss Franc	14.0970
Canadian dollar	13.8570
Saudi Rial	4.0000
Swedish Kr.	2.0145
Norwegian Kr.	2.4255
Danish Kr.	2.8665
Abudhabi Dirham	4.0860
Kenya Shilling	0.1884
Ethiopian Birr	1.0000
Japanese Yen	0.1590
Kuwait Dinar	52.1558
Egypt Pound	2.6606
Yemenia Rial	0.0723
Bahrain Dinar	40.0000
Australian Dollar	12.1890
Qatari Riyal	4.1201


Three children of Eritrea's nine nationalities	Children study in an outside classroom

Three children of Eritrea's nine nationalities	Giant Sicamore tree near Segeneyti

Three children of Eritrea's nine nationalities	Train on Obel river bridge near Massawa

Three children of Eritrea's nine nationalities	Farmers tending the fields

Three children of Eritrea's nine nationalities	Assab main port of Eritrea

Three children of Eritrea's nine nationalities	Farmers tending the fields

There are five coins, the 1, 5, 10, 25, and 100 cents coin, struck in a nickel alloy. These coins are the first coins issued for circulation in 1997 by Eritrea since it gained its independence from Ethiopia in 1991 after a 30 year independence struggle. The common reverse shows fighters raising the Eritrean flag, the date 1991 and the legend Liberty, Equality and Justice. Featured on the front of the coins are six different animals native to Eritrea. The 1 cent shows an Ibex, the 5 cents shows a Leopard on log, the 10 cent pictures an Ostrich, the 25 cents shows a Grevy's Zebra, the 50 cents shows a Gazelle, and the 100 cent features an Elephant and her calf. Eritrean currency through the ages > > >

Housing and Commerce Bank - Asmara Eritrea.

Housing and Commerce Bank Offices in Eritrea

Asmara 12 03 50 fax 12 04 01

Sembel Branch 15 06 83 fax 15 06 84

Massawa 55 25 24 fax 55 22 83

Assab 66 15 79 fax 66 15 78

Keren 40 17 26 fax 40 17 27

Tessenei 72 10 53 fax 7210 53

The Housing and Commerce Bank of Eritrea
is the exclusive representative for
Moneygram in Eritrea.

Housing and Commerce Bank
P.O. Box 235 Asmara, Eritrea
Tel.+2911 12 03 50 fax 12 04 01
E-mail: hcbgm@hcbe.com.er