Breaking: Arewa Accountability Forum Cheers CBN’s Tough Love On Banks Over Festive ATM Failures

Breaking: Arewa Accountability Forum Cheers CBN’s Tough Love On Banks Over Festive ATM Failures

The Arewa Accountability Forum has lauded the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for taking decisive action against Deposit Money Banks (DMBs) that failed to dispense cash through ATMs during the festive season.

In a statement released in Kaduna on Tuesday and signed by Chairman Comrade Sani Wakili, the Forum described the ₦150 million fines imposed on each non-compliant bank as a bold step toward financial accountability. The penalties are seen as a crucial measure to alleviate cash flow challenges faced by Nigerians, especially during high-demand periods……READ MORE

Nasir Dambatta, a veteran journalist, commended the action, calling it a significant move to ensure the public’s access to cash during critical times. Comrade Wakili emphasized that the sanctions send a strong message against negligence and non-compliance with cash distribution policies.

The Forum also praised the CBN’s ongoing monitoring efforts and its collaboration with security agencies to combat cash hoarding, illegal sales, and operational violations by POS operators. It urged financial institutions to fully align with the CBN’s policies to avoid further disruptions.

Highlighting remarks made by Governor Cardoso at the Chartered Institute of Bankers of Nigeria’s Annual Bankers’ Dinner in November 2024, the Forum noted his commitment to building a resilient and inclusive financial system.

“This leadership style is precisely what Nigeria’s banking sector needs to overcome long-standing challenges,” Wakili stated.

The Forum called on all stakeholders to support the CBN’s mission of enhancing transparency, accountability, and trust within Nigeria’s financial system.