Bye-Bye dud twenty bucks

THE Bank of Namibia (BoN), has announced the withdrawal of N$20 notes from circulation with effect from today.

According to the bank’s deputy governor, Paul Hartmann, the N$20 notes are defective in that the magnetic thread embedded in the paper to ensure authenticity tends to come loose over time. “The manufacturer of the notes assumed responsibility for the defect and undertook to replace all notes,” he explained.Bank advises consumers: “If you have a N$20 note, use it!” The central bank urges all members of the public and the business community to part with the N$20 banknotes in the normal course of business transactions or deposit or exchange the notes at commercial banks.The defective N$20 notes are still legal tender according to BoN, so they can be used in transactions, but people are “…advised to part with the note to ensure that the defective notes are replaced in the shortest possible time.”All 20 million of the N$20 notes in circulation in Namibia will be replaced at the manufacturer’s cost using superior material, BoN said yesterday.All commercial banks in Namibia have been instructed not to issue any more of the defective notes for the seven days until 10 March.Also, ATM’s are not to dispense N$20 notes during this period.”The Bank of Namibia has taken all the necessary measures to ensure a smooth replacement of the notes with new ones that will be issued to commercial banks after 10 March, 2004.In the meantime, commercial banks will issue other denominations, such as N$10 banknotes, instead of N$20,” Hartmann explained.”The manufacturer of the notes assumed responsibility for the defect and undertook to replace all notes,” he explained.Bank advises consumers: “If you have a N$20 note, use it!” The central bank urges all members of the public and the business community to part with the N$20 banknotes in the normal course of business transactions or deposit or exchange the notes at commercial banks.The defective N$20 notes are still legal tender according to BoN, so they can be used in transactions, but people are “…advised to part with the note to ensure that the defective notes are replaced in the shortest possible time.”All 20 million of the N$20 notes in circulation in Namibia will be replaced at the manufacturer’s cost using superior material, BoN said yesterday.All commercial banks in Namibia have been instructed not to issue any more of the defective notes for the seven days until 10 March.Also, ATM’s are not to dispense N$20 notes during this period.”The Bank of Namibia has taken all the necessary measures to ensure a smooth replacement of the notes with new ones that will be issued to commercial banks after 10 March, 2004.In the meantime, commercial banks will issue other denominations, such as N$10 banknotes, instead of N$20,” Hartmann explained.