Namibia’s economy recorded an increase in currency circulation in 2024, rising by 6.9% to N$5.6 billion, up from N$5.2 billion the previous year, according to Bank of Namibia governor Johannes ǃGawaxab.
He said this during the official unveiling of the newly modified N$50 banknote in Windhoek yesterday.
“The growth reflects both economic expansion and public confidence in the Namibia dollar as a reliable medium of exchange,” said ǃGawaxab.
The currency upgrade initiative began with the introduction of the N$10 note in 2022, followed by the N$20, N$200, and N$100 denominations. The new N$50 note completes the full series, aimed at enhancing security features and durability.
The central bank said the new design is part of broader efforts to maintain the integrity of the country’s currency while supporting economic activity.
“The rise in currency circulation is indicative not only of a growing economy but also of the trust Namibians continue to place in our national currency,” the BoN governor added.
Alongside this growth, he reported a significant drop in counterfeiting activity. The volume of counterfeit banknotes detected declined by 10.7% over the same period, a development officials attribute to strengthened security features and improved public awareness.
Gawaxab added that safeguarding the domestic currency from counterfeiting highlights the efficacy of Namibia’s currency security measures.