Central Bank of Nigeria - Annual Report 2005

According to the Central Bank of Nigeria's Annual Report 2005, the performance of the external sector further improved in 2005 with an overall balance of payments surplus of N1,364.8 billion, or 9.2 per cent of GDP.

"The current account balance increased further from N2,064.1 billion, or 17.7 per cent of GDP, in 2004 to N3,367.0 billion or 22.8 per cent of GDP. This reflected the positive terms of trade occasioned by the international crude oil price rise. The average price of crude oil increased

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