Naira devaluation will hurt the poor, says Oshiomhole

Posted By: Collins Nweze


Debate on whether to devalue or not to devalue the naira became fiercer yesterday with Edo State Governor, Comrade Adams Oshiomhole joining the discussion.
The Governor, who did not hide his disdain for a weaker naira, said a devaluation of the local currency at this time will make the poor poorer.
Oshiomhole, who spoke at the maiden edition TheCable Colloquium with theme: The Naira on Trail: To Devalue or Not? said the rich, who constitute about five per cent of the population; portfolio investors and collaborative private sector operators canvassing for devaluation will benefit from the decision.
He said devaluation of the naira at this time when Nigeria’s productive base is very low and the desire for foreign goods keep rising will be a big mistake.
The Governor said previous devaluations never benefitted the poor and workers, whom he described as the best economists because of their prudent management of the N18, 000 minimum wage in the face of declining naira value against world currencies.

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