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‘After 1st October, The Old Kshs. 1000 Banknotes Will Be Worthless Paper’, CBK Reminds Kenyans

Patrick Njoroge, CBK Governor

Yesterday, the Central Bank of Kenya (CBK) reminded Kenyans of the deadline for exchanging the old currency notes.

In a tweet posted by the CBK account, the financial regulatory authority warned Kenyans that the current currency, especially Kshs. 1000 denomination, will be worthless.

Remember, the deadline for exchanging the older KSh. 1000 notes is SEPTEMBER 30, 2019. If you’re still holding the older KSh 1000 notes on October 1 and afterwards, you’ll be holding worthless paper. Exchanging your notes is pretty simple.


Attempts To Beat the Dealine

In a desperate attempt to beat the October 1st deadline, corrupt politicians have used lending, putting money in betting firms, bribery, chamas that are formed without due process to launder their loot.

This is so because CBK had directed that people transacting/depositing over Kshs. 5 million must get approval from the regulatory authority, therefore, most people who have looted the government were caught off guard.

Hundred of millions of shillings were in bankers at home, even at some point Maina Kamanda erroneously said that a certain politician has a trillion shillings in his home; he is not further from the truth, he only needs to have quoted the figure in billions, not trillions.

It remains to be seen how things will turn out for the corrupt, however, what is true is that most of them will lose a lot of money.

ALSO READ: Local Senator Dishing Out Ksh. 3,000 For Every Ksh. 100,000 Converted Into Dollars

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