Central Bank of Kenya Governor Patrick Njoroge on Thursday met Deputy President William Ruto at Harambee House Annex shortly after his reappointment by President Uhuru Kenyatta.
Last Saturday, Governor Njoroge unveiled the new currency with President Uhuru witnessing the occasion at Narok Stadium during the Madaraka Day celebrations.
During the function, Njoroge said that the move will help tame the increasing cases of fraud and production of counterfeits by conmen.
“We have assessed the grave concern that our large bank notes, particularly the older Sh1,000 series, are being used for illicit financial flaws in Kenya and also other countries in the region," said Njoroge.
"To deal with those concerns, all the older Sh1,000 series shall be withdrawn by a Gazette Notice dated May 31, 2019. All persons have until October 1, 2019 to exchange those notes, after which the older Sh1,000 bank notes will cease to be legal tender,” he added as quoted by the Standard.
On Thursday, Njoroge met Dr Ruto who unveiled serial number 2 of the new currency in the absence of President Uhuru Kenyatta who is in Canada for the Women Deliver 2019 Global Conference.
"The government, through the Central Bank of Kenya, issued the new currency on 1 June in pursuit of the constitutional requirement. All Kenyans should comply with the CBK directive on the rollout of the new currency," Ruto said.
He added: "Honoured to receive the historic serial number 2 from the CBK Governor Patrick Njoroge, Harambee Annex, Nairobi County."
Central Bank of Kenya has already announced that the old Sh1,000 notes will be phased out by October 1, this year in a move targeting cartels.