The CBN, in its External Sector Development Report for the first quarter of 2015, stated that crude oil and gas exports component declined from $18.96 billion and $20.85 billion in the fourth and first quarter of 2014 respectively to $13.30 billion.

The drop, notwithstanding, the CBN disclosed that crude oil and gas export accounted for 92.9 per cent of aggregate exports in the review period. The CBN further said that total external trade depreciated by 17.1 per cent from its fourth quarter 2014 figure to $26.74 billion in the first quarter of 2015.

The report blamed the dip in the value of external trade on the decline in crude oil receipts occasioned by fall in oil prices at the international market from an average of $70.00 per barrel in the fourth quarter of 2014 to $54.50 in the first quarter 2015.