Any oil will attract and retain nano-grit. If the multi is stainless, then wash it out with warm water from time to time and make sure it dries properly.
If you really want to 'lubricate' it, then grate the lead from a soft pencil into the hinges. Pencil lead is mainly graphite which is an excellent 'smoother' of steel joints, inc locks.
I use 3 in 1 on the pivots of my Swiss army knives after washing in warm water and fairy liquid and allowing to dry. It helps the action of the scissors especially.