The nomenclature is described in more detail on the Atlasian Design: Colors page. Like in the Material Design pages mentioned in other answers, the numeric part (e.g. 500
or 800
) is indicative of the saturation level of the colour (and inversely indicative of the lightness/brightness1). The initial letter is – in most cases – an indication of the base colour (B
for blue; Y
for yellow etc.). Here, the N
stands for Neutral (which is actually derived from a shade of purple).
From the page above:
Muted and neutral palettes are derived from purple. Their varying degrees of saturation allow for the appropriate level of warmth across marketing and product.

And also a selection of their "secondary colour palatte", showing how the initial letter indicates the underlying colour:
We use R300
primarily to indicate errors and to indicate destructive actions. Y300
indicates warnings and blocked progress and can be found in lozenges and banners. Use N800
for any text placed on top of Y300
. G300
is used to represent success in flags and inline messages, while P300
is used to indicate help, information, and Prince songs.

1 As Moritz Lüdtke correctly pointed out in a comment, both the saturation and the brightness vary with the "N-number": a high N-number denotes a high saturation and low brightness; while a low N-number denotes low saturation and a high brightness.
There are (at least) two "colour systems" using saturation: one, HSV, uses hue, saturation and value (also known as brightness); the other, HSL, uses hue, saturation and lightness. See HSL and HSV on Wikipedia for more on their similarities and differences.
Taking the first column of the "neutral" colours above, and plugging their RGB values into a pair of online converters2, we can see the relationship between N-number and HSV/HSL:
| Nxxx Name | RGB | R G B | H S V | H S L |
|--------------------+---------+---------------+-----------------+-----------------|
| N900 Slate | #091e42 | 9 30 66 | 218 86.4 25.9 | 218 76.0 14.7 |
| N500 Mick Fanning | #42526e | 66 82 110 | 218 40.0 43.1 | 218 25.0 34.5 |
| N100 Humboldt Fog | #7a869a | 122 134 154 | 218 20.8 60.4 | 218 13.7 54.1 |
| N60 Sentinel | #b3bac5 | 179 186 197 | 217 9.1 77.3 | 217 13.4 73.7 |
| N20 Gram's Hair | #f4f5f7 | 244 245 247 | 220 1.2 96.9 | 220 15.8 96.3 |
2 See RGB to HSV color conversion and RGB to HSL color conversion: both provided by RapidTables.com.