Kampala, Uganda: State House has dismissed as “false” and “fake” a widely circulated social media statement claiming that President Yoweri Museveni had directed the immediate replacement and demonetisation of Uganda’s major currency notes.
In a press release dated May 19, 2026, the Presidential Press Unit (PPU) clarified that the viral communication allegedly announcing changes to the Shs50,000, Shs20,000 and Shs10,000 notes did not originate from President Museveni, State House, or the Bank of Uganda.
“We have noted a FAKE statement circulating on social media alleging a Presidential directive on changing Uganda’s currency notes,” the statement reads. “This statement is FALSE and did not originate from H.E. the President, State House, or the Bank of Uganda.”
The clarification comes after several online platforms and social media users shared a purported presidential directive claiming that government had ordered the Bank of Uganda to commence a nationwide demonetisation exercise targeting high-value currency denominations.
Fake directive sparked panic
The viral statement, which was falsely attributed to President Museveni, claimed the exercise was intended to fight illicit financial flows, corruption, counterfeiting and undeclared cash held outside the banking system.
It further alleged that all holders of the affected denominations would be required to deposit the money within a specified timeframe before the notes ceased to be recognized.
The message quickly spread across WhatsApp groups, Facebook pages, TikTok and X, triggering anxiety and speculation among sections of the public over a possible abrupt currency transition similar to exercises previously witnessed in some other countries.
However, State House has now urged the public to completely disregard the document. “Ugandans are advised to disregard it and rely only on official communication channels for government announcements,” the PPU stated.
No official communication from Bank of Uganda
By Tuesday evening, the Bank of Uganda had not issued any statement indicating plans for currency replacement or demonetisation.
Under Uganda’s financial and monetary framework, major currency policy changes are ordinarily communicated through formal Bank of Uganda channels alongside coordinated government announcements.
Economic analysts warn that false information relating to currency and banking systems can easily trigger unnecessary panic, financial uncertainty and public confusion if left unchecked.
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