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Nigeria's Central Bank of Kano
Author: Wakdok,Samuel Stephen | February 18, 2012

The Central Bank of Kano donates 100 million Nigerian Naira to Kano Victims of bh blast...we need the Central Bank of Maiduguri, Central Bank of Yobe, Central Bank of Jos, Central Bank of Madala, Central Bank of Bauchi, Central Bank of Suleja ,Central Bank of Kaduna, Central Bank of Mubi and others to donate too.The problem lies in our dysfunctional system. Is CBN a charity fund or a relief agency? Does CBN have a budget for emergency/ terrorism compensation? Where is NEMA? Why Kano? At a time that thousands have lost and are losing their jobs in the banking sector, has CBN ever come up with a compensation formula or empowerment subsidy for the thousands who lost their jobs in the sector? If Kano was the first victim of such attacks I won't raise an eye brow. If any state deserves it based on seriality or magnitude should it not be Borno then Yobe? When public officials are unaccountable to the people, they go berserk and do what suits their damn egos or interest. It is clearly favoritism for Nigerian Money to be donated by an agency of government or it's head whose role is purely that of monetary policy, and the last time I checked CBN's functions have not changed. From the CBN's website below are the functions of the Central Bank of Nigeria. Statement Of CBN Core Mandate The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government. The objects of the CBN are as follows: - ensure monetary and price stability; - issue legal tender currency in Nigeria; - maintain external reserves to safeguard the international value of the legal tender currency; - promote a sound financial system in Nigeria; and - act as Banker and provide economic and financial advice to the Federal Government. Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system. In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments. Source... Fanatism shows itself in many ways. This is one. Central Bank of Nigeria is the wrong agency to donate money at a time the sector is facing squeeze, Kano is not the first state to start from if it must. Sanusi had the right to donate his personal funds or organize a launch to help raise funds for victims in his state. But he has no right to use CBN money. QED.

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