Many people in Kenya on Monday desperately rushed to swap old 1,000 shilling banknotes in an attempt to meet the Central Bank of Kenya’s final deadline. The Central Bank had declared Monday, September 30th as the last day on which all old local currencies must be exchanged for new ones.
So, what happens to Kenyans who could not swap old shilling notes?
The new edition of the 1,000 shilling banknote is the largest denomination of the country, rolled out in June. Failure to comply will only leave owners stuck with bundles of useless cash.
So how did that go on Monday? With us to weigh in on the topic is Vincent Kimosop, a Kenyan financial expert.