Convert Gibraltar Pound to Eritrean Nakfa
Please provide values below to convert Gibraltar Pound [GIP] to Eritrean Nakfa [ERN], or Convert Eritrean Nakfa to Gibraltar Pound.
How to Convert Gibraltar Pound to Eritrean Nakfa
1 GIP = 0.0493533333333333 ERN
Example: convert 15 GIP to ERN:
15 GIP = 15 × 0.0493533333333333 ERN = 0.7403 ERN
Gibraltar Pound to Eritrean Nakfa Conversion Table
| Gibraltar Pound | Eritrean Nakfa |
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Gibraltar Pound
The Gibraltar Pound (GIP) is the official currency of Gibraltar, pegged at par to the British Pound Sterling and used alongside it locally.
History/Origin
Introduced in 1934, the Gibraltar Pound replaced the Gibraltar Pound issued during the British colonial period. It has maintained a fixed exchange rate with the British Pound since its inception, with coins and banknotes issued specifically for Gibraltar.
Current Use
The Gibraltar Pound is widely used in Gibraltar for everyday transactions, alongside the British Pound Sterling. It is accepted locally and is also used in some border areas of Spain, with coins and banknotes issued by the Government of Gibraltar.
Eritrean Nakfa
The Eritrean Nakfa (ERN) is the official currency of Eritrea, used for all monetary transactions within the country.
History/Origin
The Nakfa was introduced in 1997, replacing the Ethiopian Birr as Eritrea's national currency, to establish economic independence and stabilize the economy after independence in 1993.
Current Use
The ERN is actively used as the primary currency in Eritrea for everyday transactions, banking, and trade, with its value regulated by the country's central bank.