This archive report was first published on 24 September 2019.
The Central Bank of Kenya (CBK) has been on a countrywide sensitization campaign for the past month to inform Kenyans about the impending deadline for the return of old generation Sh1,000 banknotes.
As of September 30, these notes will cease to be legal tender, although CBK Governor Patrick Njoroge has clarified that it will not be illegal to possess them.
"There is no penalty for holding the older Sh1,000 notes after September 30, but you will have lost the value of your money," Governor Njoroge said in a recent press conference.
CBK ordered the return of the old generation notes during Madaraka Day celebrations on June 1, 2019, when the new generation banknotes were unveiled.
The introduction of the new banknotes was aimed at disrupting the multi-billion shillings fake currency business in Kenya and across the region.
CBK has been destroying the old generation Sh1,000 notes as they are received by the bank, with Governor Njoroge stating that once the old notes are returned, they are "crossed off our register, and destroyed as per usual protocol".
Traders are urged to speak to their banks to ensure that their old Sh1,000 notes are received by close of business on Monday, September 30.
Additionally, Governor Njoroge emphasized that all anti-money laundering and combating of financing of terrorism (AML-CFT) checks will remain in place when currency conversions are happening.
