The best time to trade forex in Nigeria is between 2 PM to 6 PM local Nigerian time every work day when the London and New York trading sessions overlap.
Table of Contents
| Session name | Start | Finish |
|---|---|---|
| Sydney | 5AM | 2PM |
| Tokyo (Asian) | 1AM | 10AM |
| London (Europe) | 9AM | 6PM |
| New York (US American) | 3PM | 12AM |
When Does the Forex Market Open in Nigeria?
Currency trading in Nigeria begins at 11 PM on Sunday.
When Does the Forex Market Close in Nigeria?
The Forex market in Nigeria closes at 10 PM local time on Friday, aligning with the global market close at 5:00 PM EST.
Sydney Session Forex Time
The Sydney session is open from 5 AM to 2 PM in local Nigerian time.
During this market session, the most popular trading pairs are AUD/USD and NZD/USD.
Trading the pair AUD/JPY is also popular during the overlap of the Tokyo and Sydney session.
Tokyo Session Forex Time
The Tokyo (Asian) forex market session is open from 1 AM to 10 AM.
During this time, the most popular and volatile currency pairs are the following:
- USD/JPY
- EUR/JPY
- GBP/JPY
The Tokyo session is also known for lower liquidity and volatility. That means markets outside of Asia are less likely to make big moves.
This affects common pairs during night trading in Nigeria, such as EUR/USD and GBP/USD.
London Session Forex Time
The London or European session, is open from 9 AM to 6 PM.
The currency pairs to keep an eye on during the London trading session are GBP/USD, GBP/USD, and EUR/USD.
Traders see an increase in volatility when shifting from the Tokyo to the London session. Experienced traders can use the heightened volatility to their advantage. The prices from London also lead to an increase in prices or the “average hourly move” on major currency pairs.
New York US Forex Market Session
The US New York forex market session, is open from 3 PM to 12 PM.
The most traded currency pairs during this session are:
- EUR/USD
- GBP/USD
- USD/JPY
Pay attention to the points when two trading sessions overlap. The periods when two markets are open simultaneously are the busiest times of the day. During this time, trades are made at the highest volume.
FAQs Frequently Asked Questions
1. Is the Forex market open 24 hours a day in Nigeria?
Yes, the Forex market stays open 24 hours a day from Monday night to Friday night.
2. Can I trade Forex on weekends in Nigeria?
No, the Forex market is closed on Saturdays and Sundays in Nigeria.
3. What are the best times to trade Forex in Nigeria?
The best times to trade are during the London and New York sessions, which are active from 8:00 AM to 5:00 PM Nigerian time.
4. Which Forex session is most active during Nigerian trading hours?
The London session is the most active during the day in Nigeria.
5. Do Forex trading hours change during daylight saving time?
Yes, trading hours shift slightly when daylight saving time starts or ends in the US and Europe.
6. What is the impact of global sessions on trading in Nigeria?
Activity in the London and New York sessions affects price movement and liquidity during Nigerian hours.
7. Are there any holidays when the Forex market is closed in Nigeria?
Yes, the market closes on major global holidays like Christmas and New Year’s Day, not based on Nigerian public holidays.
8. Does my Forex broker follow Nigerian local time or GMT/EST?
Most brokers follow GMT or EST, so traders in Nigeria should adjust their local time accordingly.
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