Only one bank dispensing N$60 Geingob commemorative note

Only one commercial bank has to date calibrated its ATMs to begin dispensing the N$60 Hage Geingob commemorative banknote, with engagements ongoing for other banks to follow, the Bank of Namibia (BoN) has confirmed.

Governor Johannes !Gawaxab says a total of two million pieces of the commemorative note were printed, of which 717 000 pieces, representing 36%, have so far been issued through commercial banks.

“The Hage Geingob commemorative circulating banknote was launched on 5 March 2025 and issued into circulation on 17 March 2025.

“Interest from the international collectors’ market remains strong, with approximately 9 808 pieces from the initial print run already procured globally,” !Gawaxab said during the Monetary Policy Committee meeting on Wednesday.

He said since its introduction, the bank has issued N$43 million worth of the commemorative notes, from a total print run valued at N$120 million.

BoN spokesperson Naufiku Hamunime says the N$60 note was introduced to commemorate the life and legacy of former president Hage Geingob.

Hamunime says demand for the note remains strong both locally and internationally.

“The demand for the N$60 banknote has been from both local and international collectors, and the bank continues to engage stakeholders to ensure optimal distribution of the banknote,” she says.

She confirms that the bank recently rolled out upgraded banknotes and coins, marking the first major currency enhancement in over a decade.

“By changing the banknote substrate on the N$10 and N$20 denominations to a composite material, the durability of the banknotes in circulation is expected to be enhanced by about twofold.

“In other words, the new banknotes are likely to last twice as long in circulation as the previous series,” Hamunime says.

She says the new coin series represents the first upgrade since 1993 and is expected to have a similar lifespan.

“The total planned annual circulation volumes for the new coin series across all denominations is determined by a comprehensive forecasting model that considers public demand, economic indicators, and real-time market data,” she says.

Hamunime says while the bank ensures sufficient supply to meet public demand, specific distribution data cannot be disclosed for security reasons.

“Worth noting is that in 2024, the bank issued coins into circulation valued at N$288.7 million,” she says.

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