This archive report was first published on 24 September 2019.
As the deadline for exchanging old Ksh1,000 notes approaches, Kenyans are finding it increasingly difficult to use them. The Central Bank of Kenya had given Kenyans until September 30th to exchange the old notes, but businesses are already rejecting them.
According to the Central Bank of Kenya, half of the old 1,000 shilling notes were still in circulation on September 5th. At that time, Kenyans had returned Sh 100 million old 1000 shilling notes.
Businesses such as Safaricom and Pizza Inn have already warned their customers that they will not be accepting the old notes after September 26th. The US Embassy's consular section in Nairobi has also issued a notice to the public locking them out from transacting with the old Sh1000 notes effective September 12.
Public Service Vehicles have also started rejecting the old notes, making it difficult for people to use them. The Central Bank of Kenya ordered the return of the old notes during Madaraka Day celebrations on June 1st, citing that the Sh1,000 notes were being used for illicit financial flows in the country and region.
CBK Governor Dr. Patrick Njoroge noted that his team has since reached the conclusion that the Sh1,000 notes were being used for illicit financial flows in the country and region. The Central Bank of Kenya says persons exchanging currency notes for an amount not exceeding Sh1 million of the withdrawn currency notes will exchange at their commercial banks, CBK branches, and currency centers or any nearest commercial bank.
