All Kenyans who live and work outside Kenya must travel back to the country just to exchange their notes following the Central Bank of Kenya Governor Patrick Njoroge's directive.
Business Daily reported that during a press address yesterday, Njoroge ruled out any forms of currency conversion outside the country since CBK had asked foreign banks not to accept the money.
He further divulged that once in the country, those Kenyans would be subjected to the same requirements as the locals and that the October 1 deadline still stands.
He explained that they did not provide the new notes to outside banks because the entire practice would impede their goal off effacing illicit money.
“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1. You have to take a trip here and go through the procedures outlined in the Gazette notice and subsequent releases.
“You cannot convert it to any other currency out there since this would defeat the process of demonetisation," stated Njoroge.
The procedures for exchanging the currency in the country requires that for those seeking new generation notes valued between Ksh1 million and Ksh5 million should explain its source and can do it across all bank branches.
Those who do not have bank accounts, however, have to get the endorsement of CBK as well as those seeking to exchange more than Ksh5 million.
This, he added, would ensure that people who got money through dirty means would not be able to change it to foreign currencies.
He also ruled out the likelihood that they would extend the October 1 deadline advising Kenyans to ensure that they are all set when the time comes and that the remaining period was enough to carry out the transaction.
