N20:The Most Mutilated Nigerian Currency Note

In February 2007, the Central Bank of Nigeria (CBN) released for public use new designs of the Nigerian currency. The redesigned denominations were the N5, the N10 naira, the N20, N50  and newly introduced N2 coins.
It was neither the new coin or the new design that was spectacular to Nigerians, and no one expects it to be, but the eye catching thing was the twenty naira note which did not come in the traditional paper note format but came in a polymer format.
This, according to the International Polymer Currency Association, made Nigeria the 24th country to issue Guardian® polymer notes and the 2nd country in Africa. The twenty naira note is also the first polymer note to be printed in Africa (it was printed by the Nigerian Security Printing & Minting Plc).
Aside the CBN’s main purpose of cost reduction in currency production, there seemed to be a consensus on the reason the twenty naira note came in polymer form. The belief is that the twenty naira note is the most used of the Nigerian currency notes causing it to be the most mutilated. Even in the CBN adverts of new currency notes, the N20 was used to depict the process by which currency notes are ruined by Nigerians. In polymer form therefore, it is expected to be able to withstand the pressure of commerce much longer as it is exchanged from hand to hand.
Now, two years after the new notes were released for public use, the twenty naira note, now polymer, seems to retain its position as the most abused and mutilated Nigerian currency note.
The twenty naira note, without relying on any empirical data, is the most held and exchanged currency note. Amongst a predominantly poor and low class society, this cannot be farther from realism.
The IPCA also records that the twenty naira is the highest volume bank note in circulation in Nigeria.
 The twenty naira by observation is also the most used by public transport operators in giving change (fare balance on excess) to their passengers. Market women and traders also appear to exchange more twenty naira notes in their daily transactions than any other currency denomination.
The money changers, who help split larger denominations into lower ones at a fee at bus stops and vehicle parks have more twenty naira notes in stock and in more demand from their customer base concentrated around commercial transport operators. 
The polymer has seriously exposed the twenty naira as about the most roughly handled.
Some straighten it with hot electric iron, others hold it together with ‘evostic’ gum while some one torn it in two. Some twenty naira notes are so faded it looked like it had been bleached. Worse still, some use it as toothpick, some use it as cotton bud to clean their ears while others use it as funnel to fuel their vehicles.
The polymer note may not have fulfilled its purpose to withstand the pressure of commerce for much longer, but it has obviously exposed the unwholesome way Nigerians handle her legal tender. All the currency notes are handled with such impunity by Nigerians. Many people have complained about the state of the Nigerian currency notes and in the usual Nigerian style put the blame on the Central Bank for the lack of enough public enlightenment on handling currency notes.
The CBN realizing the need for currency handling re-education followed the release of the new currency notes with series of media campaigns in an attempt to ensure that these new notes do not go the way of the phased out ones.
Now it is clear that the problem of currency mutilation is the fault of Nigerians who use the notes and handle them recklessly, especially among public transport operators, market men, women and other petty traders. The lack of education or just sheer negligence among this class can be blamed for the state of our currency notes. For this class of people mere media campaigns do little in trying to change their mentality. The solution to maintaining good currency notes lies with Nigerians themselves.
We must begin to reject mutilated notes to discourage those in the habit of handling notes carelessly, because some of these notes are actually abused on purpose. The market woman will be careful the way she handles her notes when she knows that customers will reject it if it is dirty. Banks must also start rejecting mutilated and dirty notes so that petrol stations where most of these notes would usually find ready acceptance would also join the trend in saying no to these notes.