The Central Bank of Kenya (CBK) has unveiled new generation bank notes that Kenyans will be using going forward.
Speaking on Saturday during Madaraka Day celebrations, CBK governor Patrick Njoroge noted that Kenyans needs to exchange their old Sh1,000 notes with the new ones.
Reacting to Njoroge's announcement, renowned political analyst Mutahi Ngunyi noted that launching the new currency was a smart move by President Uhuru Kenyatta to frustrate thieves.
"Instead of ARRESTING thieves, UHURU has OUTWITTED them. By changing our CURRENCY, the GUY who withdrew 4 Billion shillings from a WESTLANDS bank in cash has 120 days to SPEND it or BANK it. He has to SPEND 33 million a DAY for the NEXT 4 Months or 4 Million an Hour!," Ngunyi tweeted. (Sic)
According to the CBK governor, the decision to do away with the old notes was informed by the increased cases of money laundering, and illegal deals where the currency has been predominantly used.
“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.
"To deal with those concerns, all the older Sh1,000 series shall be withdrawn by a Gazette Notice dated May 31, 2019, all persons have until October 1, 2019 to exchange those notes, after which the older Sh1,000 bank notes will cease to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,” Njoroge said.