Tomorrow’s meeting of the MPC, the second this year, is coming at a time when oil prices are hovering around $43 per barrel, with inflation figures for February put at 11.4 per cent year-on-year – an increase from the 9.6 per cent it stood in January – and a yawning gap between the official and parallel foreign exchange market rates.

The MPC had at its last (January) meeting in Abuja, decided to retain the Monetary Policy Rate(MPR) at 11.0 per cent; cash reserve ratio (CRR) at 20.0 per cent; liquidity Ratio at 30 per cent; and the asymmetric corridor at +200 basis points and -700 basis points.

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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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