The Bank of Namibia (BoN) is cautioning members of the public against hoarding coins. 

Coin hoarding is when an individual keeps a massive amount of coins at home instead of trading them in with the banks for notes. 

The Director of Currency Management and Banking Operations at the Bank of Namibia, Sencia Kaizemi-Rukata, sat down with Business Today to explain how important 5 and 10 cents are in day-to-day economic activities.

The central bank is urging locals to exchange their spare coins for banknotes at any nearest commercial bank.

She further highlighted that although one might not think coins are important, they play a big role in Namibian currencies and markets. 

"Although they were last melted in 2019, they are still enough to maintain any trade happening in the country. Highlighting that there is not a shortage of coins, but they are dormant as people tend to keep them home."