The Bank of Namibia has the sole right to issue banknotes and coin in Namibia. Thus, the Bank issued the first national currency, the Namibia Dollar on 15 September 1993. During December 1993 the Bank also issued its first national coins.

Although the Republic of Namibia has its own national currency, the South African Rand is still a legal tender in Namibia. This is because the Namibia Dollar is linked to the South African Rand and can be exchanged on a one to one basis in Namibia. Namibia is part of the Common Monetary Area (CMA).