On Wednesday, January 15, 2025, the atmosphere at the iconic Eagle Square in Abuja was solemn and reflective as Nigeria paused to honor the unparalleled patriotism and sacrifices of its fallen heroes during the 2025 Armed Forces Remembrance Day.

At 64 years post-independence, Nigeria's continued existence owes much to the bravery of countless gallant troops who laid down their lives to defend the nation’s territorial integrity and sovereignty.

Vice President Kashim Shettima stood in for President Bola Tinubu, who was attending the Abu Dhabi Sustainability Week in the UAE. Alongside Shettima, other high-ranking government officials and dignitaries participated in the solemn event, which included the laying of wreaths, gun salutes, and other military rituals.

The ceremony witnessed the presence of Senate and House of Representatives leaders, service chiefs, the Inspector General of Police, and the Chief Justice of Nigeria, among others. Ministers, senior government officials, top military officers, members of the diplomatic corps, and family members of the fallen heroes—such as widows and wives of military officers—also joined to pay tribute to the nation’s defenders.

In a prior statement, the Senate praised the selfless sacrifices of Nigeria’s armed forces, extending commendation to active-duty officers and soldiers who continue to safeguard the nation from internal and external threats.

The annual Armed Forces Remembrance Day stands as a poignant reminder of the debt of gratitude owed to the courageous men and women who have served—and continue to serve—to uphold Nigeria's peace and sovereignty.

In a decisive move to uphold cash flow stability, the Central Bank of Nigeria (CBN) has imposed penalties on nine Deposit Money Banks (DMBs) for failing to provide adequate Naira notes through automated teller machines (ATMs) during the Yuletide season.

Each of the affected banks has been fined ₦150 million for breaching the CBN’s cash distribution guidelines. This enforcement action came after spot checks conducted on their branches revealed non-compliance.

The CBN’s stringent action underscores its repeated warnings to financial institutions about the need to ensure seamless cash availability, especially during periods of high demand. The banks penalized include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

In an official communication, the CBN confirmed that the fines would be debited directly from the respective banks' accounts with the apex bank. Acting Director of Corporate Communications, Hakama Sidi Ali, emphasized the importance of maintaining cash flow to foster public trust and economic stability.

“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she stated.

The apex bank’s investigations and monitoring efforts remain ongoing, with a focus on identifying instances of cash hoarding and rationing at bank branches and among Point-of-Sale (POS) operators. To combat illegal cash sales and operational violations, including exceeding POS operators’ daily cumulative withdrawal limit of ₦1.2 million, the CBN is collaborating with security agencies.

Governor Olayemi Cardoso reiterated the bank’s commitment to ensuring efficient cash distribution during his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024. He warned financial institutions to strictly adhere to the CBN’s cash distribution policies or face severe penalties.

“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso stated, emphasizing the CBN’s resolve to maintain a robust cash buffer to meet Nigerians’ needs.

The CBN has called on all financial institutions to strictly comply with its guidelines, warning that further violations would prompt swift and decisive actions to protect economic stability and public confidence.