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Claim:
A statement circulating on X and other platforms alleges that President Museveni directed the Bank of Uganda to demonetize the 50,000/=, 20,000/=, and 10,000/= notes.
The message claimed this was to curb corruption, counterfeiting, and illicit financial flows.
What we know:
State House Uganda issued a clarification on May 19, 2026, stating the message was FAKE.
The Presidency emphasized: “This statement is FALSE and did not originate from H.E. the President, State House, or the Bank of Uganda.”
There is No official directive or announcement exists on the State House website or the Bank of Uganda’s communication channels.
Official X channel of UBC the National broadcaster also dismissed the claims regarding them as false.
Media Reports
Credible Ugandan media outlets (e.g., Nile Post) reported that State House dismissed the demonetization claims as fabricated.
Verdict:
This statement is FALSE and did not originate from H.E. the President,
Conclusion:
The demonetization directive attributed to President Museveni is fabricated. The State House has explicitly denied it and termed the Statement FALSE.