Kenyan president unveils new currency, which costs over N38 billion to print

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The president of Kenya, Uhuru Kenyatta has unveiled a new set of currency for his country. They include coins and paper mints. The new generation coins are in the denominations; KES 1 , KES 10 , KES 5 , and KES 20. Ksh1 bears image of a Giraffe, Ksh5 Rhino, Ksh10 Lion, Ksh20 Elephant, circulation starts today.

According to media reports, the new Kenyan currency, has been approved at a cost of Kshs. 11 billion, which is approximately over 38 billion naira.

De La Rue, the company contracted to print out the new currency, said the first batch of notes will come out next year at an initial cost of Kshs. 2.4 billion.

The new currency notes were approved by the Central Bank of Kenya in line with the 2010 constitution that requires the new generational currencies that do not bear the image of an individual.

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