BANKNOTES OF NAMIBIA
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History of the Namibian
The Namibia dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa 1920-1990. The rand is still legal tender, as the value of the Namibian dollar is still linked to the South African rand and can be exchanged on a one-to-one basis locally. Namibia was also part of the Common Monetary Area from independence in 1990 until introduction of the dollar in 1993.
In 1990, moves were under way to replace the rand with a new Namibian currency. The name "kalahar" was first proposed, as the Kalahari Desert is located in eastern Namibia. The name of Namibia's central bank was going to be known as the Namibia Reserve Bank. Denominations of this planned currency included 2, 5, 10, and 20 kalahar. The plans for the kalahar came to nothing, but some specimen notes were printed in a range of denominations. Later in the planning phase the Namibia Reserve Bank changed its name to the Bank of Namibia. It was then decided that the new Namibian currency would either be known as the Namibian Dollar or the Mark. The newly founded Bank of Namibia minted a proof series of coins denominated in dollars as well as in marks, for the consideration of the Namibian Ministry of Finance. The decision then fell in favour of the name ‘dollar’ for the new currency. The Bank of Namibia issued Namibia's first banknotes on 15 September 1993, and during December of that year, also issued the first national coins.
The Namibian normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar denominated currencies. The Namibia dollar's ISO 4217 code is NAD. The dollar is divided into 100 cents. Coins currently circulate in denominations of 5, 10, 50 cents, $1 and $5, and current banknotes come in denominations of $10, $20, $50, $100 and $200
South African Rand: The value of the Namibia Dollar is tied directly to the South African Rand. South African banknotes and coins also have legal tender status and circulate alongside the Namibian currency.
► Banknotes of South Africa
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Page created: 21 March 2007
Last Update: 21 March 2007
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