Nigeria Rejoins Frontier Market Index After FX Improvements and Moody's Upgrade

FTSE Russell, part of the London Stock Exchange Group, plans to move Nigeria from an “unclassified” status to “frontier market” in its equity index. The change follows a period of FX shortages that hampered foreign investors’ ability to repatriate profits, prompting many firms to exit. Nigeria’s finance minister credited recent steps to boost FX liquidity for the reinstatement. Around the same time, Moody’s raised Nigeria’s outlook to “positive” after noting stronger foreign-exchange reserves.