MSCI Inc. said it needs more time to assess the impact of foreign exchange reforms in Nigeria, suggesting the global index provider is not yet ready to restore the West African country’s frontier-market status.
Operational modifications in Nigeria’s foreign exchange market have improved liquidity, but “more time is needed to assess the impact of these changes,” MSCI said in its annual market accessibility review.
Nigeria was removed from the MSCI Frontier Markets Index in February 2024 due to persistent liquidity challenges in the foreign exchange market that left many foreign investors unable to repatriate profits and dividends.
