With effect from 8 November 1997, Eritrea ended its currency union with Ethiopia and adopted the nakfa as its own currency. The changeover from birr to nakfa took place between 8 and 28 November 1997 at the rate of 1:1. The first exchange rates (buying/selling rate) against the Deutsche Mark were set on 10 November 1997 at DEM 1 = ERN 4.121 / 4.210. Listed against the euro as of January 1999, see BBEX3:A:ERN:EUR:CA:AC:A04.
Methodology
Calculated on the basis of month-end buying and selling rates.
