Saturday, August 22, 2020

Where and How to Exchange Damaged Banknotes

    August 22, 2020   No comments

CBK Governor Dr Patrick Njoroge
CBK Governor Dr Patrick Njoroge 

Did you know it is possible to exchange mutilated or damaged kenyan bank notes for new ones?

The Central Bank in Monday answered this question on where to exchange damaged banks notes and which ones qualify to be exchanged.

Which Damaged or Mutilated Banknotes can be exchanged 

The Central Bank of Kenya (CBK) answered this question through a tweet ;

Can you exchange a mutilated or damaged Kenyan currency banknote? Yes, but there are rules. The banknote:

- Must not have been deliberately mutilated
- Must be genuine
- Must be more than half and continuous
- Should bear at least one complete serial number

Where can you exchange Damaged or Mutilated Banknotes

Again, it is crucial to know where exactly can one go to exchange these damaged notes. Here is the answer again through a tweet;

If the damaged banknote conforms to these rules, then you can exchange it at any commercial bank, or simply walk into the banking hall at any Central Bank of Kenya branch.

It should be known that the old ksh 1000 notes are not legal tender. Such cannot be exchanged.

In all this, remember that the older generation KSh 1,000 banknotes are NOT legal tender, and cannot be exchanged under any circumstances.
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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