Eritrea, the small African country located in the Horn of Africa, is home to a unique and interesting currency, the Nakfa. The Nakfa is the official currency of Eritrea and is used by the majority of the population for everyday transactions. Shopping with Nakfa is an experience that can be both exciting and intimidating, depending on the individual. In this article, we will explore the Eritrean Nakfa shopping experience, including the history of the currency, the current exchange rate, and tips for navigating the markets.
History of the Nakfa
The Nakfa was first introduced in 1997 as the official currency of Eritrea. It replaced the Eritrean dinar, which had been in circulation since the country gained its independence from Ethiopia in 1993. The name “Nakfa” is derived from the Tigrinya language and means “victory” or “success”. The currency was designed to be a symbol of the nation’s independence and unification.
The Nakfa is issued in both paper and coin form and is divided into 100 cents. The coins are available in denominations of 1, 5, 10, 25, 50, and 100 Nakfa, while the paper notes are available in denominations of 1, 5, 10, 20, 50, 100, and 500 Nakfa. The currency is managed by the Bank of Eritrea, which is the country’s central bank.
Current Exchange Rate
The current exchange rate for the Nakfa is 1 Nakfa = 0.0063 US dollars. This means that 1 US dollar is equal to approximately 157.5 Nakfa. This exchange rate is subject to change, so it is important to check the current rate before making any purchases.
Navigating the Markets
Navigating the markets in Eritrea can be a bit challenging, especially for those who are unfamiliar with the local culture and customs. The best way to get a good deal is to bargain with the vendors. Prices are often inflated to allow for bargaining, so be prepared to haggle to get the best price.
It is also important to be aware of the currency exchange rate when making purchases. Many vendors will accept US dollars, but it is best to pay in Nakfa if possible. This will help ensure that you get the best exchange rate and avoid any potential scams.
Finally, it is important to be aware of the local laws and customs. Eritrea is a Muslim country, so be sure to dress modestly and respect the local culture.
Conclusion
Shopping with Nakfa can be an exciting and rewarding experience. By understanding the history of the currency, the current exchange rate, and navigating the markets, you can make sure that your shopping experience is a positive one. So, if you’re planning a trip to Eritrea, be sure to bring some Nakfa and get ready to experience the unique shopping culture of this beautiful African country.