10 Days Remaining For Your Current 1,000 Notes To Be Mere Paper

You have exactly 10 days to change your current 1,000 banknotes with the new generational notes or you will have no other but yourself to blame.

The deadline for the ongoing demonetization process comes on 30th September 2019 where the current 1,000 banknotes will stop being used.

The Central Bank of Kenya, through Governor Patrick Njoroge, has insisted that there will be no minute, hour or day added once the deadline comes knocking.

“We shall add zero, sufuri, nothing after the 30th of September,” (paraphrased) Governor Patrick Njoroge said at one point.

If the CBK stays firm with its directive, Kenyans who will still have the old 1,000 banknotes will not be able to transact.

Already the Central Bank of Kenya (CBK) has issued a stern warning to Kenyan banks against being used as money launders as people rush to beat the deadline.

There are concerns that some “powerful” individuals who have billions of the old 1,000 banknotes hidden in their homes are waiting for the last minute to use the banks to get new generational notes.

The move by CBK to completely face-off the old 1,000 banknotes was seen as a good way to fight those who had looted public funds and hid them outside the banking system, in cash.

Kenyans who are still in possession of the old 1,000 notes are being advised to visit the nearest bank branch to exchange with the new generational banknotes before the deadline.

Already some businesses around the city have started refusing accepting the old notes in exchange for products and services.

At the starting of the ongoing demonetization process, there were concerns that the economy would be on the receiving end, especially the shilling, but that is yet to be felt.

The Kenyan shilling has remained resilient against the US Dollar, despite hitting 105 during the week but not directly linked to the demonetization process.