The naira, Nigeria's currency, declined rapidly after the military deposed the civilian administration of Shehu Shagari on 31 December 1983 at the time of depressed oil prices. In 1981 N1.00 was worth US$1.67. By 1986 the value of N1.00 had tumbled to US$0.64 (N1.56 equals US$1.00). It declined further in 1987 and has continued a downward spiral. In 1995, under the Babangida regime's policy of "guided deregulation" of the foreign exchange market, the official rate—N22.00 to US$1.00—became available only to the government. All individuals and organizations had to meet their foreign exchange needs from an Autonomous Foreign Exchange Market (AFEM).
The prevailing AFEM rate in 1999 was N100.00 to US$1.00. Obasanjo abolished the parallel official rate of N22.00 to US$1.00 upon his inauguration in May 1999. Since then the exchange rate has risen to N120.00 to US$1.00 (October 2000).