Central bank unveils modified Namibian $10 note
The Bank of Namibia launched the modified N$10 banknote on Friday under the theme “Know your currency”.
The note bears the signature of the governor, Johannes! Gawaxab, is an enhanced security feature and will work alongside all existing banknotes accepted as legal tender for payment of goods and services in Namibia.
The modified Namibian 10 dollar note features the Governor’s official signature in embossed ink on the front of the note and the year of printing (2021) on the reverse of the note.
The depiction of the incumbent governor of a central bank’s signature on a banknote is an industry practice that primarily helps the public easily identify banknotes and their validity.
!Gawaxab is the 5th central bank governor whose signature appears on the Namibian dollar since its first issue in September 1993.
The Bank takes pride in the execution of its role of promoting price stability and safeguarding financial stability, as it guarantees the safety and stability of the Namibian dollar, thereby creating confidence in the currency.
Officiating in the launch and circulation of the modified 10 Namibian dollars, the governor echoed this role: “Ensuring public confidence in our currency is at the heart of what central banks do. Money can only play its fundamental role if this trust is maintained. What drives the central objective of the Bank, namely price stability so that people can have confidence in the value of their money over time and financial stability so that they can access it and use it when and where they wish.
Namibian $10 banknotes featuring founding father Dr. Sam Nujoma are the second most circulated banknote in the country with a volume of 10.2 million coins in 2021.
Namibians from all walks of life can own a 10 Namibian dollar note and use it daily in their domestic transactions. Therefore, it is a note that serves both our formal and informal economies, and its importance cannot be overstated.
Over the years, the Bank has issued banknotes and coins and will continue to perform this task of producing national currency in a responsible and cost-effective manner to ensure that costs are fully absorbed by revenues. The replenishment of the modified N$10 banknote has been informed by the levels of existing currency stocks which are influenced by public demand for a particular denomination.
After the launch, the Bank’s management officially put the note into circulation at the Black-Chain, Pick ‘n Pay Mall in Katutura as part of its activation. The public is encouraged to always “look, feel and tilt” banknotes to discover the security features on the note.