A Namibia firm has an obligation to pay 1,000,000 in 3 months' time and has exported goods worth US$500,000, payment of which is also expected in 3 months' time. It is the end of the year, when the exchange rate between the Namibian dollar and the US dollar (NamD/USD) is 16.975 and the exchange rate between the Namibian dollar and the British pound (Nam/Pound) is 19.485. The exchange rate outlook is very blurred as it is believed that the exchange rates could move either way.

Question:

Is Namibia using the direct or indirect exchange rate quotation?