Nigerian banks close 476 branches and cash centres since 2022

Data from the Central Bank of Nigeria (CBN) reveals that deposit money banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025. This represents an 8.8% reduction in the country’s physical banking network over the three-year period.

The contraction accelerated significantly in recent years. While only 37 locations were lost between 2022 and 2023, the pace increased with 229 closures in 2024 and 210 in 2025. Approximately 92% of the total reduction occurred during these two years. This trend toward fewer physical locations happened even as the number of banks operating in the country grew from 32 in 2022 to a peak of 35 in 2024.

Lagos experienced the largest decline in absolute terms, losing 158 locations—a 9.9% reduction. The state accounted for roughly one-third of the total nationwide decline, though it remains the country’s primary hub for physical banking services.