No extension of deadline for old Sh1,000 notes, CBK says

Central Bank Governor Patrick Njoroge at the Churchill Show's live recording at Narok Stadium on September 14, 2019. PHOTO | GEORGE SAYAGIE | NATION MEDIA GROUP

What you need to know:

  • Dr Njoroge has reiterated that come September 30, the notes will no longer have value and will only be good for "lighting jikos".
  • He noted that the phasing out of the Sh1,000 note will help curb cases of counterfeits which have significantly affected the economy.

The deadline for Kenya's withdrawal of the old Sh1,000 notes will not be extended, Central Bank Governor Patrick Njoroge has said.

Dr Njoroge has reiterated that come September 30, the notes will no longer have value and will only be good for "lighting jikos".

“I want you to take this message to every corner of the country ... that people have to dispose of their old Sh1,000 bank notes by September 30. We shall not extend the period,” he said at Narok stadium on Saturday night during a live recording for the Churchill Show.

CAMPAIGN

The CBK boss also launched a campaign dubbed ‘Badilisha noti za elfu moja sasa (Exchange Sh1,000 notes now),’ through which the public will be educated on the need to do away with the old generation notes.

He noted that the phasing out of the Sh1,000 note will help curb cases of counterfeits which have significantly affected the economy.

Regarding the new notes, Dr Njoroge said they are easily identifiable through aspects such as touch, a distinctive watermark and a picture of a lion.

The notes bear the iconic image of Kenyatta International Convention Centre and embody the country’s diverse wildlife and tourism, green energy and governance, aspects the Central Bank boss described as the drivers of the new Kenya.

The new notes are also friendly to those with vision impairment as they have lines on the sides for easy identification.

LAUNCH

It was at the same venue that the CBK unveiled new bank notes during the 56th Madaraka Day celebrations on June 1, following by a Gazette notice that made them legal tender.

Since then, they have been in circulation alongside the old Sh50, Sh100, Sh200, Sh500 and Sh1,000 notes as part of a gradual phasing out process.

Dr Njoroge said he had visited more than 20 counties and participated in electronic shows, and road campaigns to sensitise people on the currency switch.

Welcome!

You're all set to enjoy unlimited Prime content.