FTSE Russell has put Nigeria’s planned upgrade to frontier market status under further review over concerns about the country’s shift to a T+1 settlement cycle.
FTSE Russell Pumps the Brakes on Nigeria
Nigeria’s frontier market dreams just hit a speed bump. FTSE Russell, the global index and data analytics provider, has placed Nigeria’s planned reclassification to frontier market status under further review, thecable according to a statement released on Tuesday.
The holdup centers on concerns over the country’s transition to a T+1 settlement cycle — the faster trade-settlement system many markets are racing to adopt.
The news, first reported by TheCable, citing FTSE Russell’s statement, leaves Nigeria’s index-upgrade timeline in limbo for now, with the index provider yet to give a fresh date for reconsideration.
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