Foreign exchange spending by Nigerian residents on business travel increased sharply to $672.27 million in the first nine months of 2025 from $144.19 million in the same period of 2024, according to data from the Central Bank of Nigeria’s Quarterly Statistics.
The increase, equivalent to a 366 percent rise, is drawn from the Balance of Payments section of the December 2025 CBN Quarterly Statistics, which records foreign exchange use across categories.
The figures show that:
- In the first quarter of 2025, business travel spending was $231.7 million.
- In the second quarter, it rose slightly to $234.56 million.
- In the third quarter, it was $205.97 million, bringing the total for nine months to $672.27 million.
For comparison, in the first three quarters of 2024, quarterly business travel foreign exchange outflows were:
- $77.33 million in the first quarter.
- $46.62 million in the second quarter.
- $20.24 million in the third quarter.
The data classify business travel spending as foreign exchange outflows linked to costs incurred by Nigerians travelling abroad for business purposes.
These expenses include accommodation, local transportation, meals, and other work-related costs. Such outflows are recorded as debits in the current account balance because funds leave Nigeria to pay for these services abroad.
Factors Reflected in the Data
The CBN’s figures indicate that Nigerians had greater access to foreign exchange for business travel in the period under review. The statistics suggest that cross-border professional engagements by Nigerian residents increased relative to the same period in 2024.
Trends and Quarterly Patterns
The quarterly breakdown shows a front-loaded increase in business travel spending in the first two quarters of 2025. The third quarter total was lower but still contributed to the overall nine-month rise compared with the corresponding period in 2024.
