All applicable laws were followed, says CBK Governor on new banknotes

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CBK Governor Patrick Njoroge
CBK Governor Patrick Njoroge

The Central Bank of Kenya Governor Patrick Njoroge has reiterated the process of coming up with the new generation banknotes-Kshs 50, Kshs 100, Kshs 200, Kshs 500, Kshs 1000-was done in a lawful and satisfactory way. EALA MP Simon Mbugua has filed a case seeking the removal of the CBK boss for allegedly flouting the law and seeking the Court’s interpretation on the withdrawal of the older 1000 notes and replacing them with the new ones bearing the image of the statue of the late Mzee Jomo Kenyatta. The older Kshs 1000 notes will cease to be legal tender on October 1st.

However, Njoroge said the due process was followed including public participation, “We have followed all the applicable laws to get to this point,” he said, adding that public participation was involved in the design process. Speaking to the press at the CBK building in Nairobi, he said they got a lot of ideas from the public including the request to make the notes more accessible to visually impaired persons.

He said they are ready to face any objections in court, “A legal challenge has been filed in one of the courts, we have to deal with that.” He said the legal issue needs to be dealt with urgently to avoid uncertainty regarding currency issues. He added that the notes are already in circulation and in a few days they’ll be in every bank in Kenya.

The CBK Governor also responded to allegations that the CBK doesn’t have the right to withdraw the currency, the Kshs 1000 note in this case, and he knocked down the veracity of the claim. “The point is that we have always had that right, we have used it in the past, it’s not the first time we are using it.”