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

Global index provider FTSE Russell has placed Nigeria’s planned reclassification back to Frontier Market status under ‘further review’ to assess the impact of the market’s shift to a T+1 settlement cycle.
Nigeria was originally upgraded from ‘Unclassified’ to ‘Frontier’ in March 2026 for implementation in September, but FTSE Russell said it will provide a definitive update by end of August 2026.
FTSE Russell, in a statement, said the reclassification will now be decided after its assessment of the T+1 impact on the market.
“From 01 June 2026, the Nigerian equity market transitioned from a T+2 to T+1 settlement cycle, which could result in Nigeria becoming a de facto prefunded market...