The second issue of banknotes, which are used today, was put into circulation for the first time on 8 September 1996. This issue put into circulation banknotes in denominations of 10, 50, 100, 500, 1000 and 5000 denars. The appearance of the Macedonian banknotes, which mirrors the rich cultural heritage of the Republic of North Macedonia, is designed by the artist Biljana Unkovska, and the final version is made in the printing house "De La Rue", Great Britain.

The design of banknotes in denominations of 500 and 1000 denars has been upgraded with the embedding of additional security features with the issue from 2003.

From 15 December 2016, the denomination structure of banknotes in circulation has been enriched by introducing two new denominations - 200 and 2000 denars. The creator of the conceptual, and art and graphic designs for the appearance of these banknotes is the graphic designer Lasko Dzurovski. At the same time, the banknotes in denomination of 5000 denars were withdrawn from circulation.

On 15 May 2018, the first polymer banknotes of the Republic of North Macedonia were put into circulation. The banknotes are in denominations of 10 and 50 denars.