Home Strategy Finance BoN says no to Google exchange rates

BoN says no to Google exchange rates

Bad news if you planned to convert your US dollars due based on google rates this morning.

The Bank of Namibia (BoN) has allayed the fears of Namibians that the country’s currency has hit rock bottom as skyrocketing exchange rates between Namibia and South Africa and the United States of America greeted Namibians on Google this morning.

In a statement issued on Monday, Bon deputy director of Corporate Communications Kazembire Zemburuka said the bank was alerted to erroneous information of the Namibia dollar exchange rate against other major currencies on Google.

“The public is encouraged to always visit the Bank of Namibia website which provides timely, accurately weighted averages daily exchange rates. The exchange rate between NAD and USD was recorded at NAD14.483/USD on Monday 20 May,” he said.


On Monday an uproar was caused on social media when Google erroneously stated that the exchange rate between the two currencies was N$59.42/USD1.

https://twitter.com/TommyLika/status/1130365717306585088

It also incorrectly stated that the exchange rate between the Pound Sterling and the Namibian Dollar is N$75.76/Pound.


“The Bank wishes to inform 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 Namibia dollar (NAD) is pegged to the South African Rand (ZAR), on a one-to-one basis, and hence the exchange rate of the ZAR against other currencies should be used as a proxy (substitute),” said Zemburuka.

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