FTSE Russell Delays Nigeria’s Frontier Market Upgrade Over T+1 Settlement Change

Global index provider FTSE Russell has paused Nigeria’s planned upgrade to frontier market status to review the impact of the country’s shift to a T+1 settlement cycle. The move to settle equity trades within one business day from June 1 could require foreign investors to prefund transactions, a factor FTSE Russell now views as negative under its market quality criteria. The provider expects to update Nigeria’s classification by the end of August 2026. Nigeria was downgraded to unclassified status in 2023 amid concerns over foreign exchange liquidity and fund repatriation. In March 2026, FTSE Russell confirmed that the country met upgrade requirements for a September 2026 reclassification before this latest review.

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