The Governor of the Bank of Namibia, Johannes !Gawaxab has announced that the Central Bank will introduce an entirely new Namibian Currency Series as of June 2025.

The series is expected to incorporate the latest security features while ensuring the banknotes and coins remain modern, resilient, and secure.

Governor !Gawaxab said a study undertaken identified the need for minor upgrades to the current banknote series while advising a complete overhaul of the coin series.

He said the local currency remains highly ranked within the region and globally.

Its upgrading, he adds, reflects the bank's commitment to innovation and ensuring the currency remains a robust and reliable symbol of Namibian identity and economic strength.

"In terms of banknotes, it became imperative to enhance their security features to remain abreast of technological advancements while protecting the currency against counterfeiting. For the coins, the objective is to modernise the current coin series, allowing for the incorporation of state-of-the-art security features. The review of coins is also crucial to manage and mitigate negative seigniorage, a situation where production costs exceed the coin's face value. This issue has become more common due to the increased price of metals in coin production. Addressing this promptly will help to optimise resources, address negative seigniorage, and sustain the currency system efficiently."

The current Namibian banknote series has been in circulation since 2012, !Gawaxab said, adding that the coins have never had an upgrade since their first issuance in 1993.

"As per policy and industry best practice, a review should take place every 6-8 years, which is essential to ensure currency security, durability, and cost-effectiveness. Upgrading security features helps to prevent counterfeiting, while technological updates maintain competitiveness."

The Central Bank Governor spoke at the launch of the new Dr. Hage G. Geingob N$60 commemorative banknote in Windhoek.