UK-based Financial Times Stock Exchange)FTSE Russell has announced moves to restore Nigeria to its Frontier Market classification, ending a three-year period in which the Nigerian market was designated “Unclassified.”
FTSE Russell, a wholly-owned subsidiary of the London Stock Exchange Group (LSEG). is a global index provider that creates, calculates, and manages stock market indices and financial data for investors worldwide.
The reclassification, which is scheduled to take effect from the opening of trading on September 21, 2026, represents a reversal of the downgrade imposed on Nigeria in 2023 following persistent concerns over Foreign Exchange (FX) liquidity and the ability of international investors to repatriate funds from the country.
FTSE Russell had in March 2026 confirmed Nigeria’s return to Frontier Market status after determining that the country had met the five Quality of Markets criteria required under its classification framework.
It had stated that market participants reported the clearing of FX backlogs and an end to material delays faced by international institutional investors seeking to repatriate capital.
The latest development followed a period of uncertainty after FTSE Russell in June placed the planned reclassification under further review following the country’s transition from a T+2 to a T+1 settlement cycle.
The global index provider had raised concerns that the shorter settlement period could effectively make Nigeria a prefunded market for international institutional investors, an arrangement considered negative under its Delivery versus Payment criterion.
