CBN Reports 476 Bank Branch Closures by 2025

According to the Central Bank of Nigeria’s 2025 Statistical Bulletin for the Financial Sector, the number of banking branches and cash centres in Nigeria decreased from 5,410 in 2022 to 4,934 in 2025, representing an 8.8% decline. This reduction included 476 closures over three years, with the most significant drop occurring after 2023.

In 2023, 37 locations closed, followed by 229 in 2024 and 210 in 2025, indicating that 92% of the total reduction happened in the last two years. Despite an increase in the number of banks from 32 in 2022 to 35 in 2024, the number of branches outside Nigeria remained at two.

Lagos experienced the largest absolute decline, losing 158 locations, while Ekiti State faced a 46.7% reduction, dropping from 107 to 57 locations. Other states like Enugu and Oyo also recorded notable declines, while some northern states initially expanded their banking networks before experiencing reductions.