At the end of 2024, the total value of Namibian currency (both coins and banknotes) in circulation within the Namibian economy was N$5.6 billion.
“In 2024, the Namibian economy saw a 6.9% increase in currency circulation, rising from N$5.2 billion in 2023,” said Bank of Namibia (BoN) governor Johannes !Gawaxab during the launch of the new N$50 banknote yesterday in Windhoek. The new note comes with the signature of central bank governor Johannes !Gawaxab.
!Gawaxab said there has been an increase in currency circulation post-Covid, adding that the bank has observed instances of banknotes being mishandled or defaced. He said this creates the need to replenish these notes in circulation.
“I urge all Namibians to treat our currency with the respect it deserves, understanding that it is not just a means of exchange but also a reflection of our nation’s pride,” said !Gawaxab.
The governor also mentioned a decline in counterfeit banknotes in 2024.
“In terms of safeguarding our currency from counterfeiting, it is equally significant to note a 10.7% decline in counterfeit banknotes during the same period,” said !Gawaxab.
He added that the bank is set to introduce its instant payment system later this year.
“At the same time, we recognise the inevitability of digital transformation. To bridge existing gaps, we are exploring technologies such as offline payment systems for areas with limited connectivity,” said !Gawaxab.
The modified N$50 banknote was made available to commercial banks yesterday and will be available to the public today.
Cindy Fillipus, the deputy director for currency and banking at the BoN said the printing of the new note is to comply with set standards.
“This is to ensure that the signature of the sitting governor is part of the notes for authentication purposes,” said Fillipus.
She added that the N$50 note is in high demand as it is practical for daily transactions.
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