Nigeria officially returned to FTSE Russell's Frontier Market index on September 21, 2026, three years after being dropped from the classification in 2023 when foreign investors struggled to convert naira holdings and repatriate funds. The change follows a market notice from FTSE Russell confirming Nigeria's move from "Unclassified" back to "Frontier Market" status, after the exchange cleared its settlement cycle backlog. The Chartered Institute of Stockbrokers has described the reclassification as a catalyst rather than a cure-all, cautioning against overstating its immediate impact. Neither FTSE Russell nor the Nigerian Exchange has yet published an estimate of how much passive investment the change could attract, though S&P Dow Jones Indices also has Nigeria on a watch list ahead of a decision due at its 2027 review.
