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During Madaraka Day celebration attended by President Uhuru Kenyatta, the CBK Governor said that the notes, which are now a legal tender, will serve as a means of passing knowledge and passing culture and promoting Kenya’s global uniqueness.
All the notes have the photo of the iconic Kenya International Conference Centre (KICC) and also embody each of the big five; the lion, leopard, rhinoceros, elephant, and buffalo.
Taking the country by surprise, Dr Njoroge also announced demonetisation of all Ksh 1000 notes in a major assault on fake currency and corruption. The Governor said people holding the old Ksh 1000 notes have until 1st October 2019 to exchange the old notes, after which they will be declared invalid.
“The new banknotes will circulate alongside those previously issued but not withdrawn. However, we have assessed the grave concern that our large banknotes—particularly the older one thousand shillings series—are being used for illicit financial flows in Kenya and also other countries in the region. More recently we have seen the emergence of some counterfeits.” noted the Governor.
“By a Gazette Notice dated May 31, 2019, all persons have until October 1, 2019, to exchange those notes, after which the older one thousand shillings banknotes will cease to be legal tender,” he added.
Also Read; Kenya’s demonetization drive seeks to mop up KSh 217 Billion in circulation
