Only one commercial bank has to date calibrated its ATMs to begin dispensing the N$60.00 Hage G. Geingob commemorative banknote, with engagements ongoing for other banks to follow, the Bank of Namibia (BoN) has confirmed.
Governor Johannes !Gawaxab said a total of two million pieces of the commemorative note were printed, of which 717,000 pieces, representing 36%, have so far been issued through commercial banks.
“The HGG commemorative circulating banknote was launched on 05 March 2025 and issued into circulation on 17 March 2025. Interest from the international collectors’ market remains strong, with approximately 9,808 pieces from the initial print run already procured globally,” !Gawaxab said during the Monetary Policy Committee meeting on Wednesday.
He said since its introduction, the Bank has issued N$43 million worth of the commemorative notes, from a total print run valued at N$120 million.
BoN Acting Deputy Director for Corporate Communications and Sustainability, Naufiku Hamunime, said the N$60.00 note was introduced to commemorate the life and legacy of the late President Dr. Hage G. Geingob.
“The N$60.00 banknote commemorating the life and legacy of the Late Dr. Hage G. Geingob was introduced to honour the third President of the Republic of Namibia,” she said.
Hamunime said demand for the note remains strong both locally and internationally. “The demand for the N$60.00 banknote has been from both local and international collectors, and the Bank continues to engage stakeholders to ensure optimal distribution of the banknote,” she added.
She further confirmed that the Bank recently rolled out upgraded banknotes and coins, marking the first major currency enhancement in over a decade.
“By changing the banknote substrate on the N$10.00 and N$20.00 denominations to a composite material, the durability of the banknotes in circulation is expected to be enhanced by about twofold. In other words, the new banknotes are likely to last twice as long in circulation as the previous series,” Hamunime said.
She added that the new coin series represents the first upgrade since 1993 and is expected to have a similar lifespan.
“The total planned annual circulation volumes for the new coin series across all denominations is determined by a comprehensive forecasting model that considers public demand, economic indicators, and real-time market data,” she explained.
Hamunime noted that while the Bank ensures sufficient supply to meet public demand, specific distribution data cannot be disclosed for security reasons.
“Worth noting is that in 2024, the Bank issued coins into circulation valued at N$288.7 million,” she said.
