Currency counterfeiters take on the Namibia Dollar

Namibians have been advised by the central bank, Bank of Namibia (BoN), to follow the three basic steps in checking the security features on bank notes.

The central bank this week issued a statement, seen by Economist, after three male Namibian suspects were caught red-handed by police in Katutura, where they were reproducing the counterfeit banknotes.

According to BoN, the value of the counterfeit money is valued at N$28,100

“All of the counterfeits have been confiscated by the police and hence have not been released into circulation. As far as can be ascertained, no financial loss has been incurred by any individual or institution,”BoN added.

The statement from Namibia’s Central Bank comes barely two weeks after they had announced that the local currency is of an exceptional quality and is designed to exceed international security standards that will render it near impossible to reproduce hundred percent.

According to Reserve Bank Governor, Ipumbu Shiimi, last year, only 277 banknotes were detected as counterfeits, representing a face value of N$45,270 which was a reduction from the 465 counterfeit banknotes detected in 2015.

Meanwhile the three suspects have been apprehended by the police and will be tried for contravening Section 25 of the Bank of Namibia Act that reads together with the Prevention of Counterfeit Currency Act (16) of 1965.