100 Shilingi / Shillings

Nahashon Nyagah served as Central Bank of Kenya Governor from 2001 to 2010, making him one of the longer-tenured signatories in the bank's history — his name appears across several series issued during a period when Kenya was overhauling its currency security specifications following documented counterfeiting concerns in the late 1990s. De La Rue's London operation had held the Kenyan printing contract for decades by this point, a relationship stretching back to independence-era notes in 1966.

P#48 represents a relatively modest security package by De La Rue's own standards of the period — the watermark and thread combination without more advanced features reflects the denomination's place in the series rather than any production shortcut.