The Central Bank of Kenya building in Nairobi. FILE PHOTO | NMG
It was business as usual for many banks and currency dealers
Monday as the old Sh1,000 ‘elephant’
note ceased to be legal tender after 25 years in the market.
note ceased to be legal tender after 25 years in the market.
The note, which was
introduced in 1994 by the Moi government and got its nickname for the
elephant image at its back, was removed from circulation in in a
four-month demonetisation process that ended on Monday.
A
visit to six banks in Nairobi and several forex dealers showed that
there was nothing out of the ordinary. Bank officials said there was no
rush to beat the deadline, with only a small increase in the number of
customers asking to convert their cash on the last day noticed.
The
Central Bank of Kenya (CBK) will give an official update on the
demonetisation on Wednesday, including how much of the Sh217 billion
will have been returned.
The CBK said in an earlier
briefing that it had pulled all stops to ensure that all Kenyans with
the old notes were reached and made to return them to avoid being left
with worthless souvenirs from today.
It also reached out to the Judiciary to ensure that any currency
kept in the courts system as exhibits has been converted, after the
necessary procedures.
Monday marked Kenya’s big
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