President Netumbo Nandi-Ndaitwah says the upgraded banknotes and coinage series align with the recently unveiled sixth National Development Plan (NDP6).
Dr. Nandi-Ndaitwah launched the upgraded series of banknotes and coinage in circulation, a first since 1993.
The launch also coincided with the celebration of the Bank of Namibia's 35th anniversary.
The banknotes and coins will be in circulation alongside the old ones for now and were designed to meet the demands of the rapidly changing financial landscape.
The old ones are expected to be phased out gradually.
The themes featured on the new coins celebrate Namibia's vital economic contributing sectors of mining, retail, agriculture, and tourism.
They still bear images of the country's icons, Kaptein Hendrik Witbooi and Founding President Sam Nujoma.
"The banknotes and coins have been aligned with international best practices, as evidenced by the adjustments made to the sizes and materials. The notion aims not only to improve the durability but also to ensure that our currency remains modern, practical, and in line with global standards. Each note remains a powerful national symbol, representing the collective spirit of courage, sacrifice, and resilience that defines our journey as a nation. Moreover, from an inclusivity perspective, the upgraded banknotes incorporate enhanced features designed to better support the visually impaired and partially sighted members of our society."
President Nandi-Ndaitwah said that the currency is not just an important national symbol but also plays a role in facilitating trade, attracting investment, and fostering investor confidence.
She said the stability of the Namibia dollar further provides ordinary Namibians access to formal banking services and fosters public confidence in government policies.
"We must be mindful that our currency is a vital national asset, a symbol of our sovereignty and resilience. In light of that, there is a need to familiarise ourselves as a nation; to be able to understand the features and security elements of these banknotes and coins, we should also handle them with care and respect."
According to the Bank of Namibia, the rise of the Namibia dollar over the years has been matched by sweeping transformation in form, function, and sophistication.
"Money plays a key role in every economy. It, however, must meet three key tests beyond being a unit of account, store of value, and means of payment to effectively serve society, namely singleness, elasticity, and integrity. Singleness of money refers to the acceptance of money at par with no questions asked, hesitation, or scrutiny. Elasticity relates to the ability to flexibly meet demand, ensuring liquidity in the economy. The third is the integrity of the monetary system against illicit activity," said Governor Johannes !Gawaxab.
Governor !Gawaxab also revealed that from the initial introduction in 1993, the currency has expanded in scale from 200 million in circulation to more than 5 billion as of 30 June this year.
The upgraded banknotes and coins were issued under the theme "Our Currency, Our Heritage, Our Pride—Meet the Next Generation of the Namibia Dollar".