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CBK Governor Ready To Defend New Currency In Court Following Two Petitions

CBK

The Central Bank Of Kenya(CBK) governor Patrick Njoroge has said that he is ready to go to court to defend the new notes that were released on Madaraka day stating that due process was followed.

“I have been informed of a legal challenge that has just been filed. We are going to deal with those issues as a matter of priority,” Njoroge said.

He defended the decision to put a statue of Jomo Kenyatta the first president of Kenya stating that the key feature was the Kenyatta International Conference Center (KICC).

On the decision to do away with the old Sh1000 notes saying that it was not the first time that demonetization and that the Central Bank of Kenya has the power to do that.

Read: CBK Governor Njoroge Launches New Bank Notes As He Announces Abolishment of Old Ksh1,000 Notes

‘We have the power to demonetize. We did it in 2011 with Sh5 notes. This was done as a matter of national security. Illicit financial flows are real,” Njoroge said.

He also said that the CBK chose to give the four month period to give the ordinary mwananchi who were conducting legitimate business.

“There is a balance we had to strike. Immediate demonetisation would have been tough on Wanjiku who are dealing in legit business,” Njoroge said.

Read also: DP Ruto’s Allies Fault CBK’s Deadline To Phase Out Old Ksh1000 Notes

East African Legislative Assembly (EALA) Member of Parliament (MP) Simon Mbugua has already filed a petition that seeks to oust Central Bank of Kenya (CBK) Governor Patrick Njoroge for allegedly flouting the law with new bank notes.

In his application, Mbugua wants the court to issue orders stopping the implementation of the new currencies pending the hearing of the case.

He added that the portrait of the founding President of Kenya, Jomo Kenyatta, on the notes contravenes the Constitution.

His application has been filed after activist Okiya Omtatah petitioned the rolling out of the notes on claims that the banknotes still contain the portraits of Jomo Kenyatta thus violating the Constitution.

“Specifically, it violates Article 231 Clause 4, and therefore, they [banknotes] are null and void. They have no effect in law and must be rejected,” Omtatah told a local daily.

The activist added that he will also move to court to seek invalidation the money insisting that the government must act according to the law.

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Written by Merxcine Cush

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