“FX Queues Have Cleared” — City Boy Hails Tinubu As Nigeria Returns To FTSE

“FX queues have cleared” — City Boy Movement has hailed Nigeria’s planned return to FTSE Russell’s Frontier Market status, saying the development reflects the impact of economic reforms under President Bola Ahmed Tinubu.

FTSE Russell confirmed in March that Nigeria would be reclassified from “Unclassified” to “Frontier Market” status, with the change scheduled to take effect from the opening of trading on September 21, 2026.

The decision followed improvements in foreign exchange liquidity and the ability of international investors to repatriate capital.

Nigeria had been removed from FTSE Russell’s Frontier Market indices in September 2023 amid difficulties accessing foreign exchange and repatriating investment proceeds.

FTSE Russell later said market participants had reported that the FX queues had been cleared and that international institutional investors were no longer experiencing material delays in repatriating capital.

Reacting to the development, Director-General of the City Boy Movement, Francis Oluwatosin Shoga, said the return represented a significant validation of the progress made under the Tinubu administration.

“When our grand patron, President Bola Tinubu, took office, Nigeria’s foreign exchange market was under severe pressure, with billions of dollars in investor funds trapped in the country,” Shoga said in a statement signed by O’tega Ogra, the Deputy Director-General City Boy Movement (CBM)
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The D.G of the City Boy Movement further revealed in statement dated August 27, 2026, “three years on, FTSE Russell reports that FX queues have cleared, and international institutional investors no longer face significant delays in repatriating their capital. Nigeria is rejoining the global investment benchmark after being removed.”

Shoga described the development as evidence of measurable improvement in the country’s investment environment, saying it had been independently assessed by a leading global index provider.

“That is measurable progress, independently assessed by one of the world’s leading index providers,” he said.

He also commended the Securities and Exchange Commission, the Central Bank of Nigeria and other capital market stakeholders for their contributions to strengthening investor confidence and supporting the reforms.

FTSE Russell’s decision comes after the index provider had placed Nigeria’s planned reclassification under further review in June following the country’s transition from a T+2 to T+1 settlement cycle. FTSE Russell had raised concerns that the shorter settlement period could result in a de facto prefunding requirement for international institutional investors.

The Securities and Exchange Commission subsequently clarified that foreign portfolio investors are not required to prefund equity transactions, while trades settled through the Central Securities Clearing System continue to operate under the Delivery versus Payment framework.

While welcoming the development, Shoga acknowledged that economic reforms must ultimately translate into improved welfare for Nigerians.

“There is still work to be done, particularly in ensuring that these gains translate into better living standards for Nigerians but we should still acknowledge progress when independent global institutions recognise it,” he said.

He urged state governments to deepen investment in human capital and social development, particularly at the grassroots and among young Nigerians.

“On behalf of the City Boy Movement, we commend President Bola Tinubu for staying the course, appreciate the SEC, CBN and capital market stakeholders for their contributions, and congratulate Nigerians on this important milestone,” Shoga said.