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Forex Trading Sessions in Nigeria Time

Updated: January 04, 2024

Oleg Tkachenko
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Forex Trading Sessions in Nigeria Time

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Forex Trading Sessions by local Nigerian time:
Asian session - 01:00 am to 10:00 am
European session - 09:00 am to 06:00 pm
North American session - 03:00 pm to 12:00 pm
Pacific Session - 5:00 am to 02:00 pm
 Daily Forex volume in the United States Forex Market climbed to $966.7 billion in the first quarter of 2023.
The growth was 27% stronger compared to other previous years. Today, the global forex market is among
the most vibrant counter markets for trading currency. The FX market operates 24-hours a day, with
billions of dollars worth of forex currency changing hands.
While the market remains open 24 hours daily, it operates at varying times in different parts of the world.
In Africa, forex trading continues to gain remarkable traction. Nigeria is among the greatest forex market
trading giants on the continent. With an annual GDP of 432,293, 776. 26 Nigeria's economy supports a
thriving forex exchange market.
If you are a forex trader with interests in the Nigerian FX market, understanding the forex trading sessions
in the country is imperative. This review delves into the Forex Market trading sessions in Nigerian time.
This information will help you make better forex trading sessions.
When is the Forex market most active in Nigerian Time?
The Forex market is most active during the London-New York overlap, from 2:00pm to 6:00pm WAT,
when trading volume and volatility tend to peak.
Is it possible to trade part-time while keeping a regular day job?
Yes, with opening and closing times for sessions around the clock, it’s possible to trade for just 1-2 hours
per day with the right strategy.
What causes spreads to widen at certain times?
Volatility or low liquidity are the main reasons spreads widen, which commonly occurs around news
events or between trading sessions.
Which session is best for swing trading strategies?
The New York session frequently generates the most tradable swing patterns backed by directional
commitment from institutional participants.

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Forex trading sessions in Nigerian time

What is The Best Time to Trade Forex?

When trading Forex in Nigeria, there are some facts to be aware of. Firstly, experts advise traders to
consider making trades between 10:15 am and 2:30 pm. This is because the morning volatility often
tends to taper off between 10:00 and 10:15 am.
If you are trading Forex in Nigeria, here are the Forex sessions you should know:
Asian session
The primary market for the Asian session is in Tokyo. The trading hours for this session are 12:00 am to
09:00 am (01:00 am to 10:00 am by local Nigerian time) . The best currency trading pairs are USD/JPY,
GBP/JPY, and EUR/JPY.
European session
The primary market for the European session is in London. The trading hours for this session are from
08:00 am to 05:00 pm (09:00 am to 06:00 pm by local Nigerian time). The best currency pairs are
EUR/USD, GBP/USD, and EUR/GBP. The most popular pairs are EUR/USD, USD/JPY, and GBP/USD.
North American session
The primary market for the North American session is in New York. The trading hours for this session are
from 02:00 pm to 11:00 pm (03:00 pm to 12:00 pm by local Nigerian time). The best currency pairs are
EUR/USD, USD/JPY, and GBP/USD.
Pacific Session
The primary market for the Australia session is in Sydney. The trading hours for this session are from
04:00 am to 01:00 pm (05:00 am to 02:00 pm by local Nigerian time). The best currency pairs are
AUD/USD and NZD/USD.

Time zones in Nigeria

Now that you understand the four major global time zones, the next question would be, which are the best
:
 times to trade in Nigeria's forex market. The first thing that you must consider is the kind of trader you are
before making any conclusions. Whether you are a day trader or a night trader, your forex trading session
in Nigeria could differ.
A day trader refers to a trader who trades forex on an intra-day approach. The idea is to make small
profits within a day. The day trader achieves this by switching positions, often targeting short-term
variations. Night trading refers to a trader who prefers trading during night hours to capitalize on other
forex sessions time gaps.
You can also take advantage of these varying trading sessions to make money in Nigeria. The global
forex market falls into three major trading sessions. If you are a trader in Nigeria, you may need to adjust
your timings to ensure you take full advantage of these sessions.
Nigeria is a West African country, which means the time zone falls into the West Africa Standard Time.
The standard time zone in Nigeria is (GMT+1). Nigeria's time zone is 6 hours ahead of the expected time
in New York. On the other hand, Nigeria's time zone is 10 hours behind Sydney's time. If you are a trader
in Nigeria, your time difference with the Tokyo (Asian) session is around 8 hours. Finally, traders in
Nigeria may also need to consider the 1 hours difference between the West African nation and the time
zone in London.

What is the best time to trade Forex in Nigeria?

The best time to trade Forex - TU research

With insights into the actual time zone in Nigeria and the time difference with the major trading sessions,
the next question should be the best trading times for forex traders in Nigeria. The answer to this question
depends on other factors such as your trading pairs, time of trading and the kind of time-trader you are.
Best time to trade Forex - TU research
Session Time Lagos Time
New York 7 am- 16:00 PM 4:00 – 23 :00 PM
Tokyo 01:00 - 10:00 AM 12:00 – 9:00 PM
Sydney 22:00 – 7:00 AM 22:00- 7:00 AM
London 7:00 AM - 16:00 PM 8:00 am – 5:00 PM
Every trader hopes to get the best out of their trade ventures, and if you are in Nigeria, these time zones
are the best for you to make as much as possible. According to recent research by TU, you may combine
both intraday and long-term trading strategies to help you take full advantage of the Nigerian forex
market.
The best strategy, according to the research, is the intraday approach. At least 52% of traders believe that
this strategy is yielding the best results. On the other hand, at least 48% of the respondents consider
long-term plans the best solution. Even then, engaging in a mix of both long-term and intraday trading can
yield high returns.

Long-term vs Intraday Trading Strategy

Best time for day trading Forex in Nigeria
For most experts, this is a question asked on multiple trading platforms. For forex traders in Nigeria who
utilize intraday trading strategies. It is generally advised that you consider between 10:15 am and 2:30 pm
as the best time to trade. The timing is because morning volatility often tends to subside from 10:00 up to
10:15 am. Volatility refers to evaluating the currency value by which the market prices fluctuate given a
specific period. For beginners, this may refer to the upswings and downswings in the forex market.
Best Forex pairs to trade in Nigerian trading sessions
What are the most common Forex pairs in Nigeria?

If you intend to engage in forex in Nigeria, you probably wonder which forex pairs to consider. For most
traders in the country, the favourite pairs are EUR/USD and USD/JPY. At least 80% of the traders in this
country prefer these two pairs. You may also consider GBP/USD or AUD/USD if you are looking for less
volatile pairs.
:
 Right time to pause Forex trading in Nigeria
When trading in forex in Nigeria, knowing when to pause trading is imperative. When traders place stop-
loss orders, they, in essence, limit the extent of losses they can incur during a given trading period. If you
opt to trade in EUR/USD pairs at an order ratio of 1.1500, your pause point should be 1.145. You may
need to adopt this approach in volatile markets. Sometimes, the forex market can have drastic price
changing trends. It's essential to read through such trends.

Best Forex brokers in Nigeria

1

9.4/10
Go to broker
Your capital is at risk.
Minimum deposit:
$10
Bonus for deposit:
60%
Regulation:
FSC
Review
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software
developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The
company has won numerous prestigious awards. The RoboForex group of companies has an
international license to provide services from FSC Belize (license No. 000138/437).
Pros/Cons
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
Study Review
2

9.2/10
Go to broker
Your capital is at risk.
Minimum deposit:
$1
Bonus for deposit:
0%
Regulation:
CySEC, FCA, FSA, FSC, CBCS, FSCA, and CMA. Exness Cyprus and Exness UK offer B2B services
only
Review
Exness has been working in the Forex market since 2008. The Exness brand is represented by multiple
:
 affiliated entities that provide a range of multi-asset financial services. These entities are licensed by
regulatory bodies such as CySEC (Cyprus, 178/12), FCA (UK, 730729), FSA (Seychelles, SD025), FSC
(BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162).
Product offerings across these entities may vary. Exness Cyprus and Exness UK offer B2B services only.
Exness is also a member of the Financial Commission, providing up to EUR 20,000 insurance coverage
per client in the event of a force majeure. Exness holds the leading position in Forex ratings. The
company’s monthly trading turnover totals more than 3000 billion USD. Exness currently has CFDs
available for cryptocurrency, stocks, more than 120 currency pairs, energy and metals. Exness’s service
provides favorable working conditions for traders: low commission, instant execution of orders and
withdrawal of funds. There are several options for opening an account depending on the traders’ needs. A
demo account is available - a training account that is useful for both beginner level traders and
professional traders.
Pros/Cons
•Free VPS hosting; to qualify, you need to trade for a minimum of 14 days and lifetime deposits of $500;
•Instant withdrawal of money 24/7 (depending on selected payment method);
•Segregated accounts;
•Narrow spreads;
•Trading platforms: МТ4, МТ5 (desktop and mobile versions), Exness Trading Terminal (browser and
mobile versions).
•extend its customer service to offer support 24/7;
Study Review
Your location is Nigeria
If you would like to learn about the best brokers in your region, please use the “Find my broker” service.

Expert Opinion
Seeing as the Forex market operates 24 hours a day, traders have an opportunity to choose their
preferred trading time. If you have the opportunity to engage in day trading, focus on the European
session, the last hours of which overlap with the North American session. This period sees the highest
trading volume and the release of a large number of economic news. If trading is not your primary
occupation and you cannot dedicate time during the European session, evening trading during the North
American session can be equally effective due to significant trading volumes and the timing of news
releases from the Federal Reserve.
Igor Krasulya
Author at Traders Union

Team that worked on the article

:
 Oleg Tkachenko
Author and expert at Traders Union
Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in
financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock
markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a
Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv
Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of
financial experts.
At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the
relevancy of the information provided in them. He analyzes trading strategies and indicators, and
prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the
Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks
brokerage companies, studies their performance and growth, tests new services offered by brokers,
software and the level of customer support.
Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!
Read more
:
 Dr. BJ Johnson
Developmental English Editor
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned
his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union
team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other
authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert
advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Read more

Mirjan Hipolito
:
 Cryptocurrency and stock expert
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five
years of experience in the financial markets. Her specialties are daily market news, price predictions, and
Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the
finance sector allows her to create informative and engaging content that helps readers easily navigate
the complexities of the crypto world.
Read more

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