Currency Rates for Namibian dollar
Bank Exchange Rates for Namibia - NAD - Namibian dollar – N$. The foreign exchange rates for Namibia also known as the ISO code NAD or the Namibian dollar currency and as a symbol N$.
Coins in circulation are in denominations of 5, 10, 50 cents, $1, $5 and $10. Banknotes in circulation are available in $10, $20, $50, $100 and $200 denominations.
The Namibian dollar (NAD) is the official currency
of Namibia and it has been in use since 1993. The currency is abbreviated with
the $ sign or N$ to allow one to easily distinguish it from other dollar-denominated
currencies. Like many dollar-denominated currencies, the Namibian dollar is made
up of divisions of 100 cents. Namibia uses both notes and coins for this currency
and it is the official means of exchange in the money markets.
When the Namibian dollar was introduced, the idea was to replace the South African rand, which was the official currency of the country because the country had just transitioned from South African rule (ruled by South Africa between 1920 and 1990). However, this did not eliminate the rand as it is still used as a legal tender and the two currencies can be exchanged with each other locally.
In 1990, when the first attempt to change the countrys currency was made, different names were proposed including kalahar, and the central bank of Namibia would be called Namibia Reserve Bank. The first denominations of the currency to be printed came in 2, 5, 10 and 20 dollars, but the 20 kalahar notes had different designs due to the production of specimens.
The introduction of coins
Coins for the Namibian dollar began mintage in 1993 and the trend has continued all across the years. There are different denominations of the coins which include 5c, 10c, 50c, $1, $5, $10. The material used in making the kalahar coins is nickel and they are plated in steel. For the dollar coins, they are coated in brass.
The banknotes in circulation range between $10 and $200. From 2012, the Bank of Namibia came up with a new series of banknotes, which still have a similar denomination system as the previous series. The change was made to improve structure and to give the currency anti-counterfeiting properties. Improvements in quality have been an issue of contention over the years since the currency was introduced and it seems the government found a solution with the changes that were made in 2012.
The Namibian dollar was introduced in 1993, like most currencies with ‘dollar’ as the title, the Namibian dollar uses a letter to differentiate itself from other dollar-based currencies, in this case, it is ‘N’. Send Money Transfer to Nigeria.
GBP to NAD
The Namibian dollar subdivides into 100 cents. The Namibian dollar was introduced with the aim of replacing the South African rand, however, both currencies are accepted in Namibia, and they are interchangeable, as the dollar is pegged to the rand at a 1:1 ratio. Bank Exchange Rates for Namibian dollar The foreign exchange rates for Namibia also known as the ISO code NAD. Send money transfer online with us with the cheapest options.