This archive report was first published on 30 September 2019.
The Central Bank of Kenya (CBK) has set a deadline for the withdrawal of old Sh1,000 notes, which expires at midnight on Monday.
According to CBK Governor Dr. Patrick Njoroge, the old Sh1,000 notes will become obsolete after midnight, rendering them useless pieces of paper.
On June 1st, the government had asked Kenyans to exchange the old notes with the new banknotes unveiled by President Kenyatta during Madaraka Day celebrations at Narok Stadium.
The phasing out of the Sh1,000 note is aimed at curbing cases of counterfeits that have been on the rise in the country, Njoroge said.
By September 1st, Kenyans had returned 100 million pieces of the old series of one thousand shilling notes out of the 217.6 million pieces that were in circulation before June 1st, 2019, CBK reported.
Those holding amounts below Sh5 million in old Sh1,000 can swap them at any commercial bank in the country, while amounts exceeding Sh5 million can be exchanged at CBK headquarters in Nairobi.
