Guys, this dood's in Ottawa, not Nigeria. I love how anything that's not local MUST be a scam.
Have none of you ever bought/sold online before?
OP, give him your bank acct # and first name and get him to drop the $ in, and insist CASH ONLY (ie the buyer must physically walk into a bank in his hometown). No way a guy can scam you just because he has some bank account number + name, he doesn't even know your SIN/address/DOB/whatever. The transaction is then easy enough to check with online banking. If he drops in a cheque (yes, there are dumb people out there), insist on 10 business days (holding period) to make sure the cheque clears. At this point you have HIS money, so you have nothing to lose.
I've purchased items this way before. If you do it this way, the buyer's probably more scared of being scammed than you are.
As a LG Xenon owner as well, the price you got isn't bad at all. Hell, if you don't take this deal, I'll sell him mine.
And as buddy said above, PayPal also works. You'll lose $10 or so in fees, but this is by far the easiest way.