Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge maintains that the deadline for phasing out the old Sh1,000 notes is September, 30, 2019.
"The deadline for exchanging the old series KES 1,000 notes is and remains September 30, 2019. Those notes will be valueless October 1, 2019. Be so advised," tweeted Njoroge on Thursday.
The directive to adopt new currency was issued during Madaraka Day celebrations in Narok on June 1.
He said that where he revealed the older Sh1,000 notes were being used for illegal financial flows in the region.
"We have assessed the grave concern our large banknotes — particularly the older Sh1,000 series are being used for illicit financial flows in Kenya and other countries in the region.
"To deal conclusively with these concerns, the older Sh1,000 series shall be withdrawn.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 will cease to be legal tender," said Njoroge.
The move was lauded by several quarters who said that was a good move in fighting corruption.
Others took issues with the deadline saying that it is too short and that it would hurt the stock exchange market.