Africa-Press – Namibia. The Bank of Namibia (BoN) has officially unveiled the modified N$50 banknote as part of its ongoing efforts to meet changing market demands and enhance security features in response to increasingly advanced counterfeiting methods.
The modified banknote features a security enhancement, as it now bears the signature of the BoN’s Governor, Johannes !Gawaxab. This serves as both a Level One security feature and a public recognition marker.
“As we officially unveil the modified N$50 banknote, I wish to highlight the vital role of currency in safeguarding national sovereignty, the rationale behind our upcoming currency upgrade, the importance of public trust in our monetary system, and briefly touch on the Bank of Namibia’s vision for balancing physical cash in the face of emerging digital innovations,” !Gawaxab said.
He explained that, over the past three years, the Bank of Namibia has systematically upgraded four key denominations: the N$10, N$20, N$100, and N$200 notes. The unveiling of the modified N$50 banknote, he added, is intended to complete this cycle.
“By now, we should be aware that the regular enhancement of banknotes is anchored in global best practice. Central banks around the world have recognised that currency design must be dynamic, evolving in tandem with technological advancements and emerging threats. In fact, monetary authorities do so every six to eight years to be ahead of the curve. In our case, the last time we upgraded our banknotes was in 2012, and our coins have not been upgraded since their issuance in the 1990s,” the governor explained.
!Gawaxab emphasised that, as technology advances, so do the tactics used by counterfeiters – an ongoing challenge that necessitates the continuous and proactive innovation and updating of security features.
“Enhanced features such as holographic stripes, colour-shifting inks, microtext, tactile elements, and transparent windows have significantly improved our ability to deter counterfeiting. These innovations send a clear message: our currency is secure and should not be tampered with. Furthermore, updated currency must be compatible with modern financial systems, including ATMs, parking meters and vending machines. Even as we move toward digital payments, physical currency must remain durable, functional, and relevant in an increasingly digital economy,” the governor explained.
!Gawaxab pointed out that the unveiling of the modified N$50 banknote coincides with the birthday of the late Founding President, Dr Sam Shafiishuna Nujoma, which he described as fitting given the profound impact the late founding president had on the country.
“It was Dr. Nujoma who, along with the founding fathers and mothers of our republic, envisioned the establishment of a central bank as a monetary institution but, more importantly, as a pillar of economic independence. His legacy endures not only in the sovereignty of our currency, where he is depicted, but also in the institutions he established, such as the Bank of Namibia,” the governor added.
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