Uganda News

Banknotes bearing the signature of the late governor Mutebile are still legal money

According to Bou, banknotes bearing the signature of the late governor Mutebile are still legal money.

According to Bou, banknotes bearing the signature of the late governor Mutebile are still legal money.

All banknotes issued by the Bank of Uganda are still legal money, and the public is encouraged to use them.

Following the death of the governor, Prof Emmanuel Tumusiime Mutebile, rumours appeared on social media claiming that all banknotes with his signature will shortly expire and become unusable.

BoU, on the other hand, stated in a statement made on Wednesday that the reports are false and unjustified.

“The change of office bearer or the death of the person who signed banknotes as governor has no bearing on the legitimacy or legal status of the note he or she signed,” according to BoU.

The governor’s signature is among the design, features, and qualities of the bank notes, according to the Central Bank, and the existing bank notes are legal tender until the BoU, which is the only institution with the authority to change currency banknotes, determines otherwise.

“The public is urged to avoid false information spreading on various media platforms alleging that banknotes containing the former governor’s signature expired upon his death,” according to BoU.

“All denominations of banknotes issued by the BoU and containing the signature of the former governor remain legal currency and can be used to conduct cash transactions, fulfill financial obligations, and provide monetary value,” the statement reads.

Uganda has six different denominations of banknotes. 1000, 2000, 5000, 10000, 20000 and 50000.

 

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