State House Dismisses Fake Reports on Uganda Currency Change

State House has dismissed as false a widely circulated social media statement claiming that the government plans to demonetise and replace some of Uganda’s currency notes.

In a clarification issued on May 19, the Presidency said the alleged “Presidential Directive on Currency Change” 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 read.

“This statement is false and did not originate from H.E. the President, State House, or the Bank of Uganda. Ugandans are advised to disregard it and rely only on official communication channels for government announcements.”

The fake circular, which spread quickly across WhatsApp and other social media platforms, falsely claimed that the Shs50,000, Shs20,000, and Shs10,000 notes would be immediately demonetised.

It also alleged that the move was intended to fight corruption, illicit financial flows, counterfeiting, and the hoarding of undeclared cash outside the banking system.

The document further claimed that holders of the affected notes would be required to deposit them in commercial banks within a specified period, after which the notes would no longer be recognised for transactions.