About the AUD/ERN rate
The AUD/ERN rate is how many ERN one Australian dollar buys. It moves constantly with interest-rate expectations, commodity prices and global risk sentiment - see what moves the rate. Tradergy shows the mid-market reference rate and does not forecast where it’s heading. For the 52-week highs and lows and a daily table, see the AUD/ERN rate history.
Reading the same rate from the other side: the reverse rate, ERN → AUD, is on the receiving Eritrean nakfa view, and sending Australian dollars to Eritrea is covered on the AUD → ERN transfer page. Every AUD pair sits on the convert hub, and to work in more than one currency at once there is the currency converter.
The 2015 nakfa replacement, and what it was designed to do
Eritrea gave its population six weeks to hand in every nakfa note it held. Legal Notice No. 124/2015, issued by the Bank of Eritrea under the Bank of Eritrea Proclamation, replaced the old notes with new ones at one old nakfa for one new one, so nobody's holding was written down by the exchange itself.
The ceiling is where the design shows. Article 4 allowed any person or entity to redeem at one bank only and once only, and capped a cash exchange at twenty thousand new nakfa, with any larger holding required to go into an account. Withdrawals were capped at the same figure, with larger transactions to be settled by cheque or another bank instrument. Foreigners could exchange after verification of how the old currency had legitimately been obtained.
The timetable did the rest of the work. Article 5 split the six weeks: in the first two, holders could deposit any amount into their accounts; in the last four, they could deposit or exchange only up to the twenty thousand ceiling. Notes not redeemed within the period became, in the notice's own words, irredeemable and worthless for the purpose of effecting payment. Read together with the deposit rule, the arrangement funnelled large cash holdings into the banking system on a deadline.
Two years later the Bank addressed the other direction of travel. Legal Notice No. 129/2017, in force on publication on 25 October 2017, capped the nakfa a traveller leaving Eritrea may hold at one thousand. Amounts above that are subject to confiscation, amounts above five thousand constitute a criminal offence carrying liability under the Penal Code, and travellers under eighteen may not carry any nakfa out at all.
Sources: Legal Notice No. 124/2015, Legal Tender Nakfa Currency Notes Regulations, Bank of Eritrea (published in full by Shabait, Eritrean Ministry of Information) · Bank of Eritrea issues additional information, Shabait, Eritrean Ministry of Information, 17 November 2015 · Legal Notice No. 129/2017, Bank of Eritrea (published by Shabait, Eritrean Ministry of Information, 27 October 2017)