Answers (1)
There is no honest money anywhere in the world. Unbacked currency has value only because the government that issues it will accept it in payment of taxes. For any other purpose, it is worth exactly whatever you get in exchange for it. The US dollar is defined by federal law as 0.773 ounce of silver, but that amount of silver will cost you $14.43, not $1.00. In Nigeria the money is called naira and you get maybe 280 to 350 for a US$.
en.wikipedia.org/wiki/Nigerian_naira