It started as a joke when the Central Bank of Kenya (CBK) announced 30th of September as the deadline for the use of the old 1,000 banknotes.
Kenyans were asked to return all the old 1,000 banknotes and exchange them with the new generational banknotes that were rolled out almost immediately.
According to CBK, there were 217.6 million pieces of the old 1,000 notes that were in circulation. The CBK targeted to collect at least 86 percent of the pieces.
As the deadline comes today, the CBK has collected only 100 million pieces of the old 1,000 notes (100 billion shillings). That is less than 50 percent of all the pieces that were in circulation. This means that more than 100 billion shillings worth of the old 1,000 are still in circulation.
The Central Bank of Kenya has downplayed the concerns of the impact of the uncollected pieces will have on the economy in terms of the circulation of the new currency. Does this mean that the CBK will have to move an extra mile to ensure that more new generational 1,000 notes are in circulation to avoid a shortage?
Kuna vile ulingoja siku 119. Wikendi 16. Ukijiambia ati bado uko na time. Sasa ujue time imeisha. Pitia kwa hao juu chini uhakikishe umepata noti zote za thao za kitambo na uzibadilishe. Juu ikipita Monday tusione mtu kwa inbox yetu akisema vile anaumia.
— Central Bank of Kenya (@CBKKenya) September 27, 2019
The D-Day is today, Monday, 30th of September 2019. All Kenyans still in possession of the old 1,000 banknotes have today ONLY and thereafter, the notes will become mere papers, useless and valueless.
The CBK has insisted that no time will be added to extend the deadline saying that people had been given enough time. Asked whether there was a likelihood of extending the deadline, CBK Governor Patrick Njoroge said “sufuri, zero, nunge, nothing.”
The only place remaining for Kenyans to exchange their old banknotes with the new generational banknotes is the use of commercial banks. All other entities have stopped accepting the old notes.
For those still in possession of the old 1,000 notes, it is today or never.