Eritrea new 50-nakfa notes confirmed

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According to a press release dated 16 January 2012 on Sabait.com, the web site of Eritrea’s Ministry of Information, the National Bank of Eritrea has produced new 50- and 100-nakfa (US$3.35 and $6.65, respectively) banknotes. Kibreab Woldemariam, administrator of the bank, said the new 50-nakfa note is already in circulation, and the new 100-nakfa note will be introduced soon.

“Explaining that it is common to change old currency notes with new one, Mr. Kibreab said that the previous currency notes of the same color were creating problem to identify. As a result, the National Bank of Eritrean was obliged to make the change. The Government has been conducting research to print colored currency notes of better color and that the process would be continue as regards other currency notes, he added. Pointing out that the newly circulated currency notes are of the same value with the previous ones, Mr. Kibreab called on the general public to utilize with due caution.”

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Courtesy of Nazir Rahemtulla and Philanote.