Converting from Eritrea Nakfa (ERN) to Israeli Shekel (ILS)

What is Eritrea Nakfa (ERN)

The Eritrea Nakfa (ERN) is the official currency of Eritrea, a country located in the Horn of Africa. Introduced in 1997, the Nakfa was created to replace the Ethiopian Birr, following Eritrea's independence from Ethiopia in 1993. The currency is named after the Nakfa region, which played a significant role in Eritrea's struggle for independence.

The Nakfa is subdivided into 100 cents, but in practice, cents are rarely used. The currency comes in both banknotes and coins, though banknotes dominate everyday transactions. The coins range in denominations from 1 cent to 50 cents, while the banknotes are available in larger denominations such as 1, 5, 10, 20, 50, and 100 Nakfa.

The value of the Nakfa is closely tied to the economic situation in Eritrea, which has faced various challenges since independence. Factors such as inflation and a restricted economy can impact its exchange rate. As of October 2023, the Eritrean government manages the issuance and regulation of the Nakfa, limiting trade and encouraging use within the country.

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel and is divided into 100 agorot. The Shekel has a rich history, as it was originally a biblical unit of weight and currency. After a long absence, the modern version was reintroduced in 1985, replacing the old Shekel due to hyperinflation. The current currency is commonly referred to as the New Israeli Shekel (NIS) to distinguish it from its predecessor.

The Shekel comes in various denominations, both in coins and banknotes. Coins are available in denominations of 10 agorot, 1 shekel, 2 shekels, 5 shekels, and 10 shekels, while banknotes come in values of 20, 50, 100, and 200 shekels. The Shekel is managed by the Bank of Israel, which plays a significant role in stabilizing and regulating the economy.

The Israeli Shekel is known for its relative stability compared to many other currencies in the region. Its value can fluctuate based on various economic indicators, including inflation rates, interest rates, and geopolitical developments. As of October 2023, the Shekel has continued to showcase resilience against global trends, attracting both local and foreign investments.

Converting ERN to ILS

When converting from Eritrea Nakfa to Israeli Shekel, it is important to check current exchange rates, as they fluctuate regularly. You can express the conversion mathematically using the formula:

Amount in ILS = Amount in ERN × Exchange Rate (ERN to ILS)

For example, if the exchange rate is 1 ERN = 0.20 ILS, and you have 100 ERN, your calculation would be:

Amount in ILS = 100 × 0.20 = 20 ILS

To ensure accuracy in your conversions, always refer to trusted financial sources or currency conversion websites.