Nairobi News

Hustle

Make a date with CBK if you have more than Sh5million in 1,000 notes

Kenyans wishing to exchange more than Sh5million to the new generation currency notes will have to contact the Central Bank of Kenya (CBK).

The CBK has however said that those who would like to exchange between Sh1 million and Sh5 million will be able to do so where they have bank accounts.

Those without bank accounts and want to exchange these amounts will need to contact the CBK.

While unveiling the new generation currency banknotes on Saturday, the CBK Governor Patrick Njoroge advised those with the old generation Sh1,000 banknotes to exchange them by October 1, 2019, after which they will cease to be legal tender.

FIGHTING INFLATION

The CBK says there are 217.6 million pieces of Sh1,000, 30.8 million pieces of Sh500, 54.8 million pieces of Sh200, 126.4 million pieces of Sh100, 100.5 million pieces of Sh50 and 9.9 million pieces of Sh20 in circulation.

Njoroge further said that the decision behind the introduction of the new generation notes was to deal with counterfeits and illicit money flaws.

The move has been interpreted by some as a way of fighting inflation in the country.

SECOND PETITION

This even as on Monday, former Kamukunji Member of Parliament, Simon Mbugua, who currently sits in the East African Legislative Assembly, filed a petition challenging the issuance of new currency notes which were unveiled on Saturday.

A second petition challenging the new currency has been filed by activist Okiya Omtata.

His main arguments in the petition include the inclusion of the late President Mzee Jomo Kenyatta’s portrait which he says violates Article 231(4) of the Constitution.

But while addressing journalists in Nairobi on Monday, the CBK Governor said they will have their day in court to defend the changes made.