• Valentine's Day, celebrated every year on February 14th, is upon us.
  • Ahead of this special day for lovers, Business Insider SSA carried out a survey online to find the ideal budget for this special day.
  • The survey, conducted across social media platforms, shows that most Nigerians plan to spend $30 - $50 (N10,890 - N18,150) for Valentine's Day.

Valentine's Day is a special day set aside for people to show their affection for their loved ones.

From sending cards, flowers, chocolates to more expensive gifts like diamonds to cars and hotel rooms, this day often requires that people spend a chunk of their hard-earned cash to show how much they love their significant partners.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) Instant Pay, show that Nigerians spent about N2.5 million within hours on Valentine’s Day in 2019.

Valentine's Day can be quite expensive
Valentine's Day can be quite expensive

The statistics show that online payment of bills via NIBSS Instant Payments (NIP) hit exactly 2,500,177 transactions by 7.20 pm on this special day.

PoS transactions across the country reached N878,336 as of 7.20 pm.

ALSO READ: We talked to 7 Nigerians about what makes them happy — and here is what they had to say

Nigerians share their budget for Valentines Day

This year, Business Insider SSSA carried out an online poll to figure out how much Nigerians are willing to spend in the name of love.

Here is the outcome of the survey:

  • $30 - $50 

Majority of our voters (39.6%) chose $30 - $50 (N10,890 - N18,150) as the perfect budget for Valentine's Day.

Business Insider SSA survey shows Nigerians are planning to spend between $30 - $50 on Valentine's Day (Instagram/BusInsiderSSA)
Business Insider SSA survey shows Nigerians are planning to spend between $30 - $50 on Valentine's Day (Instagram/BusInsiderSSA)
  • $50 - $100

$50 - $100 (N18,150 - N36,300) came in second place. 30.2% went for this budget.

  • Over $300

Interestingly, the third-highest number of voters went for over $300 (N108,900). 17% chose this over the other cheaper options.

  • $100 - $300

Only 13.2% voted for this amount which makes it the least ideal budget for Valentine's day.

If none of these budgets work for you, check here to see inexpensive ways to have a special Valentine's day.