Black Market Currency Exchange
Fake Exchange Rates by Street Vendors
In Eritrea, where official currency exchange is tightly controlled, street vendors in urban areas like bus stations or markets offer to exchange foreign currency for Eritrean Nakfa (ERN) at rates better than official banks, such as claiming 1 USD for 50 ERN when the black market rate is around 75 ERN. They use sleight of hand to shortchange you by switching bills or claiming a 'commission' that inflates to 20-30% of the transaction, leaving tourists with counterfeit notes or less value than agreed.
- Only use official banks or hotels for exchanges, where rates are fixed at around 15 ERN per USD, and always count notes in front of the teller.
- Avoid street offers by walking away from anyone approaching with phrases like 'Best rate, my friend?' and report suspicious activity to local police.
- Carry small denominations of foreign currency and use ATMs in secure locations, knowing that ATM fees in Eritrea can add up to 50 ERN per transaction.
Bribe Demands by Unofficial Officials
Due to Eritrea's strict security measures, individuals posing as plainclothes police or border agents may stop tourists in public spaces, claiming document issues and demanding bribes of 200-500 ERN to avoid fabricated fines, often near checkpoints or while traveling between cities. They exploit the country's isolation by using intimidation tactics, like showing fake badges, to pressure quick payments.
- Always carry your passport and visa in a secure money belt, and politely insist on going to an official police station if questioned, as real officers will not demand on-the-spot payments.
- Learn basic Tigrinya phrases like 'Indetna police station' (take me to the police station) to assert your rights without escalating the situation.
- Register with your embassy upon arrival and keep their contact details handy, as they can verify if an encounter is legitimate based on common reports in Eritrea.