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NEW CURRENCY

See you in court, CBK governor tells those against new notes

In Summary

• The governor defended the decision to do away with the old generation Sh1.000 notes, saying that it is not the first time Kenya is doing demonetisation.

• The governor's statement comes after EALA MP Simon Mbugua and activist Okiya Omtatah moved to court challenging issuance of the new notes.

CBK Governor Patrick Njoroge during a press briefing in Nairobi in Nairobi on June 3,2019.
CBK Governor Patrick Njoroge during a press briefing in Nairobi in Nairobi on June 3,2019.
Image: ENOS TECHE

CBK Governor Patrick Njoroge has insisted that the design and introduction of new banknotes followed due process and that they are ready to fight those opposed to it in court.

Njoroge dismissed those contesting the inclusion of the country's founding president Mzee Jomo Kenyatta's sculpture, saying that the key feature was the KICC.

The governor spoke at a press briefing on Monday at the CBK offices in Nairobi,

 
 
 

"I have been informed of a legal challenge that has just been filed. We are going to deal with those issues as a matter of priority," Njoroge said.

He also defended the decision to do away with the old generation Sh1.000 notes, saying that it is not the first time Kenya is doing demonetisation.

The new look Kenyan currency notes.
The new look Kenyan currency notes.
Image: ENOS TECHE

'We have the power to demonetise. We did it in 2011 with Sh5 notes. This was done as a matter of national security. Illicit financial flows are real," Njoroge said.

He added that the four-month period given was done to accommodate everyone.

"There is a balance we had to strike. Immediate demonetisation would have been tough on Wanjiku who are dealing in legit business," Njoroge said.

The governor's statement comes after EALA MP Simon Mbugua and activist Okiya Omtatah moved to court challenging issuance of the new notes.

The two claimed the issuance was unconstitutional.

 
 
 

Mbugua claimed CBK did not involve the public in the printing and unveiling of the new currencies.

​_Omtatah argued that the inclusion of the late Jomo Kenyatta portrait violates section 231 of the Constitution.

He further said the demonetisation of the 1,000 notes after October 1 is not supported by law.

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