Currency in circulation in Namibia rose to $305.9 million in 2024, a 6.9% increase from the $284 million in the previous year, according to new figures from the Bank of Namibia.
The uptick, announced during the launch of a redesigned N$50 banknote in Windhoek on Monday, underscores the enduring role of cash in the country’s economy and a growing trust in the physical currency.
The Bank’s Governor, Johannes !Gawaxab, said the increase reflects both an expanding economy and public confidence in the Namibia dollar as a secure and stable store of value. “When citizens know that the currency they hold is secure, they transact with confidence,” he said at the event.
The new banknote is part of a broader effort by the Bank to strengthen the integrity of the currency.
Over the past three years, four major denominations — the N$10, N$20, N$100, and N$200 — have undergone security upgrades. The updated N$50 marks the final stage of this effort.
Alongside the increase in circulating cash, the central bank reported a 10.7% drop in counterfeit notes, attributing the decline to improved security features, including holographic stripes, microtext, tactile elements, and transparent windows.
These innovations are designed to deter counterfeiting and enhance durability.
“Currency design must be dynamic, evolving in tandem with technological advancements and emerging threats,” !Gawaxab said, adding that the Bank will begin a full review of the national currency within the next three months.
The initiative aims to explore new materials and designs that enhance security and extend the lifespan of both coins and notes.
Namibia last updated its notes in 2012, while its coins have not been revised since the 1990s.
The governor stressed that regular upgrades are part of global best practices, noting that many central banks refresh currency designs every six to eight years.
Although digital payments are on the rise, particularly in urban areas, the central bank insists that cash continues to play a critical role, especially in rural and underserved communities.
To improve integration, the BoN will soon launch an instant payment solution that complements physical currency.
“Cash and digital systems are not competing — they are coexisting,” !Gawaxab said.
