Either way, you need to have a second hole for the air moving in the other direction.
If the fan is high on the cabinet, then it should be blowing the hot air from the monitor out of the cabinet and the holes for incoming cold air should be in the bottom of the cabinet.
Hot air rises, so a fan high up in the cabinet blowing air in wouldn't necessarily push out the hot air. It would push out the colder air at the bottom of the cabinet.