Eritrean currency tumbles in a black market (EP)
100 Eri Nakfa for 135 Ethio Birr (Black market)
The official conversion of 1 Ethiopian Birr to Eritrean Nakfa as of Monday, 24 September 2018 was Br 1 = Nkf 0.5406 (100 Nakfa = 185 Birr), according to official exchange rate by central banks.
However, black market dealers operate openly in Adigrat and at the border town of Zalambesa, are exchanging 100 Naqfa for 135 Birr.
Traders from Eritrea are crossing the border to sell garments and electronic products, while their Ethiopian counterparts make the trip to Asmara to sell agricultural products such as taff (teff) and red pepper from Amhara Reginal State, oil, cement and cement bricks from Oromia Regional State, and charcoal from Tigray Regional State.
Observers said that the lack of an institutionalised cross-border trading procedure has become a reason for worry despite some of the early benefits that Eritreans and Ethiopians are enjoying.
However, black market dealers operate openly in Adigrat and at the border town of Zalambesa, are exchanging 100 Naqfa for 135 Birr.
Traders from Eritrea are crossing the border to sell garments and electronic products, while their Ethiopian counterparts make the trip to Asmara to sell agricultural products such as taff (teff) and red pepper from Amhara Reginal State, oil, cement and cement bricks from Oromia Regional State, and charcoal from Tigray Regional State.
Observers said that the lack of an institutionalised cross-border trading procedure has become a reason for worry despite some of the early benefits that Eritreans and Ethiopians are enjoying.
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