Kenyans living abroad will have to physically bring back the Sh1,000 banknotes before October 1, 2019.
Central Bank Governor Patrick Njoroge said all central banks across the world have been notified to stop recognizing the denomination.
He also added that the regulator will not provide the new banknotes to any foreign bank to exchange with the old notes.
“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,” Dr Njoroge said at a press briefing on Thursday.
“You cannot convert it to any other currency out there since this would defeat the process of demonetization,” Njoroge was quoted saying by the Business Daily.
Those coming from abroad to exchange the money will also have to declare the source of their cash.
Currently, the commercial banks are going on with the exchange of the old notes for the new ones.