The Arewa Accountability Forum has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for his decisive action against Deposit Money Banks (DMBs) that failed to dispense cash through Automated Teller Machines (ATMs) during the festive season. The Forum hailed the sanctions as a bold step toward promoting financial accountability and easing the cash flow challenges faced by Nigerians.
In a statement signed by its Chairman, Comrade Sani Wakili in Kaduna on Tuesday evening, the Forum praised the CBN’s enforcement of ₦150 million fines on each non-compliant bank, describing it as a much-needed move to safeguard public trust in the financial system.
The release also quoted, a veteran journalist, Nasir Dambatta as saying “this decisive action by Governor Cardoso and the CBN is a commendable effort to ensure Nigerians’ access to cash, especially during critical periods like the yuletide season”.
Comrade Wakili, in the release noted that the CBN’s sanctions “send a strong message to banks that negligence and disregard for cash flow policies will no longer be tolerated.”
The Forum then applauded the CBN’s continued vigilance through spot checks, as well as its collaboration with security agencies to curb cash hoarding, illegal sales, and operational violations by Point-of-Sale (POS) operators. It also urged DMBs and financial service providers to fully comply with the CBN’s cash circulation policies to prevent further disruptions.
Citing Governor Cardoso’s remarks at the Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers’ Dinner in November 2024, the Forum noted his dedication to building a resilient and inclusive financial system.
“This CBN management’s leadership style is exactly what Nigeria needs to address long-standing issues in the banking sector,” Wakili added.
The Arewa Accountability Forum called on all stakeholders to support the CBN in its mission to enhance transparency, accountability, and trust within the financial system for the benefit of all Nigerians.
