Nigerian Banks Close 476 Branches from 2022 to 2025

Between 2022 and 2025, Deposit Money Banks in Nigeria closed a net total of 476 branches and cash centres, resulting in an 8.8% reduction in their physical footprint, as reported by the Central Bank of Nigeria (CBN) in its 2025 Statistical Bulletin for the Financial Sector. The number of bank branches and cash centres decreased from 5,410 in 2022 to 4,934 in 2025.

The decline was most pronounced in 2024 and 2025, with 229 and 210 locations closed respectively. Despite an increase in the number of banks from 32 in 2022 to 34 in 2025, the number of branches abroad remained unchanged at two.

Lagos recorded the largest decline, with a net loss of 158 locations, while Abuja saw a reduction of 38 branches. Other states like Ekiti, Enugu, and Oyo also experienced significant contractions in their banking networks.