Current 1,000 Banknotes to Become Useless By October

Kenyans have until October 2019 to exchange the current 1,000 banknotes with the new generational currency.

The current 1,000 banknotes to become useless by the month of October this year according to CBK Governor Patrick Njoroge.

Existing banknotes in the denominations of 50, 100, 200 and 500 will continue being operational alongside the new ones.

The Governor of the Central Bank says the decision to recall all the existing 1,000 banknotes is to contain the upsurge in the counterfeits of the same.

The launch of the new generational banknotes took place at Narok Stadium during the 56th Madaraka Day celebrations.

“Kenyans have until 2nd of October to exchange all the current 1,000 shilling banknotes,” said the governor of CBK.

The announcement has come as a shock to most Kenyans especially politicians who have billions of shillings in 1,000 denominations stored within their houses.

The move to give them just few months to exchange is set to create panic among them,  especially politicians who have looted public funds and kept them in their houses.