Nigerian Banks Close 476 Branches in Three Years as CBN Data Shows 8.8% Cut
By Aboki Forex —
Deposit Money Banks in Nigeria shut a net 476 branches and cash centres between 2022 and 2025, cutting their physical footprint by 8.8 per cent in three years, according to data from the Central Bank of Nigeria.
Figures in the CBN's 2025 Statistical Bulletin for the Financial Sector show the number of bank branches and cash centres fell from 5,410 in 2022 to 4,934 in 2025. The decline came even as more banks were operating in the country over the same period, pointing to a steady contraction in physical banking locations.
From 5,410 to 4,934
The closures started slowly. The number of branches dropped by 37 in 2023, from 5,410 to 5,373.
The pace picked up sharply the following year. Another 229 locations disappeared, taking the total down to 5,144 in 2024.
Banks then closed a net 210 more locations in 2025, bringing the count to 4,934. That final year alone accounted for close to half of the three year reduction.
Fewer doors, more banks
The CBN data shows the reduction happened alongside a rise in the number of banks operating in Nigeria. That combination means the average lender now runs a smaller branch network than it did in 2022, even where the licence count grew.
The figures cover branches and cash centres, the two physical channels customers use for over the counter transactions, cash deposits and withdrawals.
What it means for customers
A smaller branch network shifts more routine banking to apps, agents and POS terminals. For customers in areas where digital access is weak or unreliable, fewer branches and cash centres mean longer distances to the nearest counter.
For banks, the closures cut rent, staffing and security costs tied to physical locations, a saving that shows up on operating expenses rather than in lending rates.
The CBN bulletin does not break the closures down by state or by individual bank, so it is not clear which parts of the country lost the most locations.