No turning back on Sh1,000 notes exchange deadline – CBK governor

The Central Bank of Kenya has said there are enough new generation notes in circulation, urging Kenyans to take advantage of the September 30 window deadline to replace old Sh1,000 notes.

Speaking during a Thursday morning breakfast show at Radio Jambo, CBK governor Patrick Njoroge reiterated that the old Sh1,000 notes will become valueless starting October 1 and that the deadline will not be extended.

‘’Kenyans should desist from the last-minute rush. We have enough new notes in circulation, please go exchange now,’’ Njoroge said.

He asked households to assist aged people fond of keeping the money for a long time to exchange the currency in good time.

The Head of Communications at CBK Wallace Kantai who accompanied the governor, outlined the procedure on how to replace old notes, saying that value of less than Sh1 million can be exchanged at any nearest bank.

He said there are very few Kenyans with amounts above Sh1 million in cash.

Those who have more than Sh1 million amount can exchange the notes in their respective banks or at CBK by following the laid transaction procedure.

‘’Please parents, don’t give old Sh1,000 to your children when they go back to school. This might inconvenience them because those notes will be null and void by the end of the third term,’’ Kantai said.

He also appealed to employers who pay their workers in cash to ensure new notes are used.

The banking regulator unveiled the new generation banknotes on June 1 as part measures to curb fraud and money laundering.

The new banknotes bear significant aspects of the nation and as the coins, will serve as a means of passing knowledge, conserving culture and promoting our global uniqueness.

The Sh50 notes have green energy, Sh100 agriculture, Sh200 social services, Sh500 tourism and Sh1,000 governance.

The governor said new notes have at least 20 security features which can be felt and seen.

More: