Nigerian stockbrokers have lashed out at FTSE Russell for freezing Nigeria's upgrade to frontier market status. The global index provider had approved the promotion in March, with implementation scheduled for September.
The pause came after Nigeria shifted to a T+1 settlement cycle, a shorter timeframe for completing stock trades. Market operators argue that FTSE Russell has misread this operational improvement as a potential danger to the market.
Brokers say the delay represents a major setback for the country's capital markets development. They contend that the new settlement framework actually strengthens market infrastructure rather than weakening it.
The decision has drawn sharp criticism from domestic securities dealers who view the halt as unjustified. They're pushing back against what they see as a fundamental misunderstanding of Nigeria's market modernisation efforts.
