Central Bank of Nigeria - Annual Report 2004

According to the Central Bank of Nigeria's Annual Report 2004, the performance of the external sector improved significantly as the overall balance of payments position swung from a deficit in 2003, to a surplus in 2004.

The sustained high crude oil prices, coupled with prudent fiscal policy impacted positively on the current account position. The current account recorded a surplus equivalent to 16.6 per cent of GDP, compared with 15.2 per cent in the preceding year. The deficit in the capital

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