Allexer Namundjembo
The Bank of Namibia (BoN) will embark on a comprehensive national currency review within the next three months.
The review is aiming to assess and improve the materials, design, and production processes of the country’s banknotes and coins.
This was announced by BoN Governor Johannes !Gawaxab during the launch of the upgraded N$50 banknote in Windhoek on Monday.
The review, he said, is intended to enhance cost-efficiency and durability across all denominations in circulation.
“As a final note, we call on all Namibians to handle their money responsibly. Defacing or mutilating banknotes contributes to unnecessary replacement costs and undermines the value of our currency,” he urged.
The new N$50 note was unveiled on the birthday of the founding president, Sam Nujoma, whose portrait features prominently on the note.
This is a move the BoN says was both symbolic and intentional.
“Dr. Nujoma is not only the face of our sovereignty, but also played a pivotal role in laying the foundation for institutions like the central bank. It is only fitting that we commemorate his legacy with a currency that upholds the values he stood for,” !Gawaxab stated.
The redesigned note introduces advanced security features such as holographic stripes, colour-shifting ink, tactile elements for the visually impaired, and microtext, making it more difficult to counterfeit and compatible with digital systems like ATMs and vending machines.
!Gawaxab said the bank will introduce an instant payment solution later this year to integrate digital and cash systems.
“While the future may lean toward digital, cash is not going away anytime soon. It remains indispensable,” he said.
The bank also revealed a 10.7 per % decline in counterfeit notes in 2024, crediting enhanced security measures.
Meanwhile, currency circulation rose by 6.9 percent from N$5.2 billion in 2023 to N$5.6 billion this year, which he says indicates growing economic activity and public trust.
“Our mandate is clear: to issue currency that is secure, durable, and trusted by the people. We are pleased to report a 10.7% decline in counterfeit banknotes in 2024, which is a direct result of our enhanced security features,” said !Gawaxab.
The deputy director of currency and banking at BoN, Cindy Fillipus, explained that the note’s design complies with both local laws and international standards.
“In accordance with the Bank of Namibia Act, Section 38(1), only the Bank is authorised to issue legal tender in Namibia. The Governor’s signature, which appears on the note, is a globally recognised anti-counterfeiting measure that authenticates and reinforces the credibility of our currency,” Fillipus noted.
She emphasised the N$50 note’s prominence in everyday transactions.
“The N$50 holds strategic importance. It’s widely used in everyday transactions, and its formal gazetting means it is officially approved and recognised as legal tender,” she said
Despite the country’s gradual shift toward digital payments, cash remains vital.
“Cash continues to play a key role in ensuring financial inclusion, particularly in rural and underserved areas. Even with digital adoption on the rise, currency in circulation increased by 6.9% this year,” said Fillipus.
The upgraded N$50 note is now in circulation.
Two months ago, the Bank of Namibia launched a N$60 note to honour President Hage Geingob’s 60 years of service and leadership.
