Nigerian presidential hopeful Obi pledges to reform currency market, subsidies

FILE PHOTO: Peter Obi, Presidential candidate of the Labour Party, poses for a picture after an interview with Reuters at his residence in Lagos, Nigeria August 18, 2022. REUTERS/Temilade Adelaja/File Photo

LAGOS (Reuters) - The anti-establishment candidate for Nigeria's presidency will reform its system of costly subsidies and unify the local naira currency's multiple exchange rates if elected in February, his manifesto released on Sunday showed.

Nigeria operates multiple exchange rates that allow some companies to get dollars cheaply while the majority of forex buyers pay higher rates on the black market, and the government spends billions of dollars a year on petrol subsidies.