FTSE Russell to upgrade Nigeria to frontier market status from Sept

Global scale provider, FTSE Russell, connected Tuesday, announced that Nigeria volition beryllium reclassified to frontier marketplace presumption successful September 2026.

This was contained successful an authoritative announcement released connected Tuesday successful its March 2026 semi-annual state classification review.

FTSE Russell said marketplace participants person reported that FX backlogs successful Nigeria person been cleared and that planetary organization investors are nary longer experiencing immoderate worldly delays successful repatriating superior from Nigeria.

Based connected its assessment, FTSE Russell confirmed that Nigeria meets the 5 FTSE Quality of Markets criteria required to attain Frontier marketplace presumption wrong the FTSE Equity Country Classification scheme.

This followed the feedback received from the FTSE Equity Country Classification Advisory Committee and the FTSE Russell Policy Advisory Board, the FTSE Russell Index Governance Board confirms.

The reclassification is simply a large boost for Nigeria’s system and investors’ confidence.

Recall that Nigeria was reclassified from frontier to unclassified marketplace presumption successful September 2023 owed to important and ongoing delays successful planetary organization investors’ quality to repatriate superior from Nigeria and to execute overseas speech (FX) transactions.

On March 26, 2024, Central Bank of Nigeria’s ...