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Bank of Namibia clarifies exchange rates issue published on the internet

Bank of Namibia clarifies exchange rates issue published on the internet

The central bank, the Bank of Namibia (BoN) Monday said that the information of the Namibia dollar (NAD) exchange rate against other major currencies on the search engine, Google is incorrect.

The Namibia dollar Monday on the Google search engine stated that one US dollar is equivalent to N$59.42 Namibia dollars of which the BoN refuted.

BoN in a statement informed the public that such information is incorrect and should not be relied upon to take any decision, whether it be business, investment or otherwise.

“Stakeholders are further reminded that the NAD dollar is pegged to the South African Rand, on a one-to-one basis, and hence the exchange rate of the rand against other currencies should be used as a proxy,” the bank said.

Meanwhile, the bank encouraged people to always visit the Bank of Namibia website, which provides timely, accurately weighted averages daily exchange rates.

The exchange rate between the NAD and US dollar was recorded at N$14.483 / USD as of 20 May, the central bank clarified.


 

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