LONDON, Oct 27 (Reuters) - Index provider MSCI said Nigerian stocks will remain part of its frontier indexes and are no longer under review for a possible demotion - a status which the securities had been under since September 2016 after the government introduced capital controls.
“The market will be removed from the review list for potential reclassification to Standalone status,” MSCI said in a statement posted on its website late on Thursday, adding that the central bank’s introduction of a new foreign exchange window in April had improved the situation for foreign investors.
“Market participants have indicated that since the establishment of this Window, funds can be repatriated at close to the official rate. Concerns on the spreads and delays which investors have earlier experienced have also eased.”
Reporting by Karin Strohecker; editing by Peter Graff