Plastic bank notes to be introduced in England...and scrapped in Nigeria?

African cowries

The top note is the polymer bank note. Photo: CNN

Going back in time. Remember cowries? They were used as a form of currency in Africa and China because they were light weigh and durable. And, do you know that the Ghanaian unit of currency known as the Ghanaian cedi was named after cowry shells?

Fast forward. In 2016, the Bank of England, one of the most powerful banks in the world is thinking of introducing plastic £5 to £50 notes to cut costs and for durability.

Australia was the first country in 1988 to use  modern polymer banknotes as currency and by 1996, the country had switched all notes completely. Many on their countries including Brunei, New Zealand, Papua New Guinea, Romania, Vietnam, Zambia and Canada.

In 2009, Nigeria introduced polymer notes but according to THISDAY newspaper, the Central Bank of Nigeria has decided to scarp it. Bank officials said they assumed that polymer notes would last longer than paper notes and cost less in the long-run. But they found out that the colours on the notes faded quickly.

So, when will African countries return to innovation and develop their own type of money which will be as sturdy and durable as the humble cowrie?