Nigeria's capital market absorbed a painful one-two punch today. FTSE Russell suspended the country's planned reclassification to Frontier Market status, citing the need to assess the T+1 settlement cycle — weeks before the upgrade was expected in September. The decision landed as data confirmed June's N13.29 trillion equity wipeout was the largest monthly destruction of shareholder value in Nigerian Exchange history, with the All-Share Index crashing 8.28%.

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