Foreign exchange allocated for business travel rose sharply by 366 percent to $672.23 million in 2025, up from $144.25 million in 2024, according to figures published in the Central Bank of Nigeria’s Statistical Bulletin.
The data form part of the CBN’s external sector statistics, which track foreign exchange utilisation across various categories, including travel, transport, education, medical expenses, and other services. These figures reflect payments processed through official foreign exchange windows.
Business travel falls under invisible trade transactions in the balance of payments framework. It covers foreign exchange used by individuals and corporate entities for work-related international trips.
According to the bulletin:
- Business travel spending rose from $144.25 million in 2024 to $672.23 million in 2025.
- This represents a 366 percent year-on-year increase.
- The increase in business travel spending outpaced growth recorded in other travel categories.
In comparison:
- Personal travel rose to $405.76 million in 2025 from $337.42 million in 2024.
- Student travel increased to $35.61 million from $29.97 million.
- Medical travel declined to $57.08 million from $66.13 million.
The business travel component recorded the largest absolute and percentage increase among the listed categories.
The CBN’s Statistical Bulletin categorises travel-related foreign exchange under service payments in the current account of the balance of payments. These payments represent outflows used for international transactions that do not involve the importation of goods.
Business travel typically includes expenses such as airfare, accommodation, conference participation, trade missions, professional services, and other work-related overseas engagements processed through authorised dealers.
The sharp rise in business travel FX utilisation contrasts with the more moderate growth in personal and student travel and the recorded decline in medical travel spending.
Travel-related foreign exchange outflows form part of Nigeria’s broader external payments profile. These transactions influence demand for foreign currency and are monitored as part of overall balance of payments management.
The CBN’s bulletin tracks these movements alongside other service payments, investment flows, remittances, and trade transactions. Changes in any category reflect shifts in demand patterns within the official foreign exchange market.
