Morgan Stanley Capital International (MSCI) will continue to consult with financial market participants on a potential reclassification of Nigeria to standalone market from frontier market after recent changes to foreign exchange trading, the index provider has said, according to Reuters.

The investment research firm, which provides stock indexes, portfolio risk and performance analytics, and governance tools to institutional investors and hedge funds, reportedly said it will continue until Sept. 29 its consultation on whether to strip Nigeria of its frontier market status and move it to a standalone spot, adding that results will be announced on or before Oct. 31.

The Central Bank of Nigeria (CBN) last week moved to liberalise the foreign exchange market and unify exchange rates, and the naira has fallen nearly 40% to the dollar since. “We decided to extend the consultation to allow more time for the liquidity situation in the Nigerian FX market to stabilise following the recently implemented measures by the central bank,”

Jean-Maurice Ladure, Global Head of Index Management Research at MSCI, said in a statement. MSCI’s frontier market Index is used to track markets in countries that are considered more volatile and unpredictable than emerging markets.

Analysts note that frontier markets can be profitable for investors since they have plenty of room for growth. However, they are not heavily traded, which can make them difficult to sell if a country’s economy takes a downturn due to external or local headwinds.