Confusion and concern spread across sections of the public today after messages widely shared on social media platforms alleged that President Yoweri Kaguta Museveni had ordered the withdrawal and replacement of Uganda’s 50,000-, 20,000-, and 10,000-shilling notes.

The reports, which circulated rapidly on WhatsApp, Facebook, TikTok, and X formerly Twitter, claimed that Ugandans would soon be required to exchange the affected notes under a government-led currency reform exercise.

However, in a statement issued today through the Presidential Press Unit, government dismissed the reports as fake, clarifying that no such directive had been issued by the President, State House, or the Bank of Uganda.

According to the statement, the alleged communication being circulated online did not originate from any official government institution and should therefore be disregarded by the public.

The Presidential Press Unit further urged Ugandans to remain calm and rely only on verified official communication channels for government announcements concerning financial and national policy matters.

Officials warned that spreading false information about the country’s currency system has the potential to create unnecessary panic, disrupt business activities, and undermine public confidence in the financial sector.

The rumours had triggered concern among traders, transport operators, mobile money agents, and ordinary citizens, with some people reportedly fearing that the affected notes could lose value if not exchanged immediately.