The southern African country of Namibia is joining the growing list of nations announcing a new series of banknotes in order to upgrade their security features.
“Given the rapid technological advancement in the banknote industry, an array of security features is being continuously developed to provide tighter security to banknotes,” said Ndangi Katoma, the head of corporate communications for the Bank of Nambia.
The bank will be issuing new N$10, N$20, N$50, N$100 and N$200 bills with upgraded security features beginning in March 2012. Though full specs have yet to be released, the bank has said one of the changes to be made will include changing the images on the N$10 and N$20 notes. Both notes will feature portraits of Dr. Sam Nujoma, Namimbia’s first president.
The changes to the security features were overdue, Katoma said in a statement.
“According to currency industry practice, the security features of the banknotes are effective for approximately eight years,” he said. “Since the security features of the Namibia dollar banknotes have been in existence for a considerable time, upgrading them has become necessary to make them less vulnerable to potential counterfeiters.”
Though counterfeiting in Namibia does occur, it does not happen as frequently as in other parts of the world, according The Namibia Economist.
“During 2008, the incidence of Namibian counterfeit was recorded at 4.5 parts per million notes in circulation,” they wrote this week. “In comparison to many other countries, Namibia does not have a serious problem with counterfeit.”