Currency in Namibia
A practical currency and money guide to travel, living and doing business in Namibia and the Namibian dollar (NAD).
What's in this Namibia currency guide:
What currency is used in Namibia?
The official currency of Namibia (country code: NA) is the Namibian dollar, with symbol N$ and currency code NAD.
Things to know about the Namibian dollar
The Namibian dollar (NAD) is the official currency of Namibia, a country located in southern Africa. Here are a few things to know about the Namibian dollar:
- The Namibian dollar is abbreviated as NAD and is divided into 100 cents.
- The Bank of Namibia is responsible for issuing and regulating the Namibian dollar.
- The exchange rate for the Namibian dollar is determined by supply and demand in the foreign exchange market.
- Namibia has a large, diversified economy that is heavily reliant on exports, including minerals, agricultural products, and fish. The country is also a major producer of diamonds and has a growing tourism industry.
- The Namibian dollar has been pegged to the South African rand at a (roughly) fixed exchange rate of 1 NAD = 1 ZAR since 1993. This means that the value of the Namibian dollar is closely tied to the value of the South African rand.
Travel Ideas and Money Tips for Namibia
Describe Namibia for travelers and expats
Namibia is located on the southwest coast of Africa and is a land of harsh landscapes and vast open spaces. It is a place of contrasts, where the Namib Desert meets the Atlantic Ocean. The country is home to a diverse culture and people, and its economy is based on mining and agriculture. Namibia is a popular destination for travelers and expats due to its unique scenery and its many opportunities for outdoor activities.
Best things to do and see in Namibia
Some of the best things to do and see in Namibia include exploring the country's vast and varied landscapes, tracking desert-dwelling wildlife, and visiting some of the world's largest desert dunes. Other popular activities include hiking, mountain biking, and 4x4ing through Namibia's many national parks and reserves.
Some of the most popular places to visit in Namibia include Etosha National Park, home to a variety of wildlife including elephants, lions, and cheetahs; the Namib Desert, where visitors can explore giant sand dunes and eerie Skeleton Coast; and the coastal town of Swakopmund, known for its German colonial architecture and outdoor activities.
Top Travel tips for Namibia
-Drink plenty of water, especially in the summer months, to stay hydrated.
-Wear sunscreen and a hat to protect yourself from the sun.
-Be aware of your surroundings and of any potential dangers, such as wildlife.
-Pack light, as you will likely be doing a lot of walking.
-Be respectful of the country's culture and customs.
Can I use credit cards in Namibia?
Namibia, along with South Africa, Lesotho, and Swaziland, are all part of the Common Monetary Area. Therefore, the Namibian Dollar is on 1:1 parity with the South African Rand. The South African Rand is widely accepted within Namibia, which is definitely handy if you have leftover change from your travels in South Africa. Credit card facilities are available just about everywhere. However, do still carry an amount of cash with you, just in case.
Is it safe in Namibia?
Namibia is generally considered a safe place to travel, and violent crime is rare. Nevertheless, visitors should take basic precautions against street crime and violent crime, especially when travelling outside urban areas.
Expat Money & Business Guide to Namibia
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Namibia.
How is the expat life in Namibia?
The expat life in Namibia is typically very comfortable and relaxed. Most people who live here have a good standard of living, with access to modern amenities and conveniences. There is a strong sense of community among expats, and many people make friends easily. There are also plenty of opportunities to get involved in local activities and enjoy the outdoors.
What is the cost of living in Namibia?
The cost of living in Namibia varies depending on your lifestyle. If you live in a rural area, the cost of living will be lower than if you live in a major city. The cost of food and housing will also be lower in a rural area.
Any laws in Namibia that foreigners should be aware of?
Namibia has a variety of laws that foreigners should be aware of, including laws relating to immigration, travel, and business. Namibia also has a number of environmental laws and regulations that foreign nationals should be aware of.
What is doing business like in Namibia?
The process of starting and running a business in Namibia is relatively simple and straightforward compared to other countries in the region. The country has a well-developed infrastructure and a pro-business regulatory environment. However, businesses may face some challenges when it comes to bribery and corruption.
How is the economy in Namibia?
The economy in Namibia is growing at a moderate rate. The GDP per capita is around $5,000, and the unemployment rate is high, at around 30%. The country is rich in natural resources, including diamonds, uranium, and zinc.
Managing your finances in Namibia
Here we list some key points for expats and businesses to consider when managing financial dealings in Namibia:
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Understand Namibian dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the NAD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Namibian dollar bank account: A local NAD bank account can make it easier for you to manage your finances and pay bills while you are in Namibia. It may also be more convenient to use a local NAD bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Namibia. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Namibia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Namibia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/NAD – Market Data
The exchange rate of Namibian dollar (NAD), or the amount of NAD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/NAD rate plus recent trend, chart, and historic rates.
| Date | USD/NAD | Change | Period |
|---|---|---|---|
15 May 2023 | 19.04 | 3.2% ▲ | 2 Week |
28 Feb 2023 | 18.42 | 6.7% ▲ | 3 Month |
29 May 2022 | 15.60 | 26% ▲ | 1 Year |
30 May 2018 | 12.54 | 56.7% ▲ | 5 Year |
31 May 2013 | 10.01 | 96.3% ▲ | 10 Year |
03 Jun 2003 | 8.0545 | 144% ▲ | 20 Year |
Compare Namibian dollar Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Namibia or planning a trip or maybe living there, so will need to exchange and spend Namibian dollar.
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It is important to note that the exchange rate of the Namibian dollar can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect NAD exchange rates before making any financial decisions.
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