Central Bank of Kenya through its Governor Dr. Patrick Njoroge has raised concerns over huge transactions in Narok ahead of the October 1st demonetization deadline. Dr. Njoroge said that there has been an influx of wheat purchase in cash and attributed the problems to the locals who have high affinity for physical notes.
CBK has called on the public to change all one thousand shilling notes with the new notes by October 1st . Similar concerns had earlier been raised in Garissa and Mandera. The bank regulator is worried on how traders are still using the old notes just days to the headline.
When unveiling the new generation bank notes in july and planned to phase out old notes, CBK governor said that the new notes would help address the illegal financial flows in the country. After September 30th the old notes will cease to be legal tender.
The introduction of new notes has seen increased cases of fake currencies being. Following the adoption of new laws in 2010, the CBK was mandated to spearhead the production and roll out of new currencies a move that sent shock waves on launderers.
