Debate on whether or not to devalue the naira continued on Thursday with Edo State Governor, Adams Oshiomhole, joining the discussion.
The governor, who did not hide his disdain for a weaker naira, stated devaluation of the local currency will hurt the poor.
Oshiomhole, who spoke at the maiden edition TheCable Colloquium with theme: The Naira on Trail: To Devalue or Not? stated the rich, who constitutes about five per cent of the population, portfolio investors and collaborative private sector operators canvassing for devaluation will benefit from the decision.
He stated devaluation of the naira at this time when Nigeria’s productive base is very low and the desire for foreign goods is rising will be a big mistake.
The governor stated 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.
But the Managing Director, Financial Derivatives of Nigeria Limited, Bismark Rewane, stated naira devaluation is the solution to Nigeria’s economic woes.
The Nation