The Forex market never sleeps. It’s open 24 hours a day, 5 days a week. Other than weekends, all currency pairs can be traded during weekdays, however, certain periods during the day are more suitable for trading depending on the currency pairs you’re working with.
That’s why we made this forex trading sessions in Nigeria time guide for traders to know the best time to trade forex in Nigeria.
Like with everything in life, there are ups and downs and the Forex market is no different. Sometimes the market is stormy, other times it is calm. This presents forex traders opportunities to make profitable trades at any time.
Day traders will especially benefit from knowing the forex trading sessions in Nigeria as it enables them to know when to open or close their trades since the forex trading time is divided into different times because of there’re different timezones around the world.
So certain times during the day certain currency pairs might be trending while other pairs might be quiet and vice versa. So it is important for Nigerian traders to know the best forex trading sessions in Nigeria time and track price action in other to find opportunities to make a profit.
Also See: Best Forex Bokers in Nigeria
Price action is a trading technique where traders track real-time price movement to make subjective trading decisions rather than just relying on technical indicators.
When you know the best forex trading sessions you can easily track price movement and make the most out of your trades. Before we get into the best forex trading sessions in Nigeria time, let’s talk about what forex trading sessions are.
Quick Explainer on Forex Trading Sessions
Because the forex market is a 24-hour beast, forex traders (both institutional and individual) benefit from this flexibility because they can trade at any time in a very liquid market.
However, as an individual trader, you cannot always check your positions 24/7(in this case 24/5). So there are limitations traders have to work with.
There are four common forex trading sessions that exist. They are:
- New Zealand Session: Sydney forex trading session (Open from 9:00 pm to 6:00 am UTC)
- Asian Session: Tokyo forex trading session (Open from 12:00 am to 9:00 am UTC)
- European Session: London forex trading session (Open from 7:00 am to 4:00 pm UTC)
- North American: New York forex trading session (Open from 1:00 pm to 10:00 pm UTC)
However, the forex market has three peak activity sessions which are the Tokyo, London and New York trading sessions. These three cities all have one thing in common. They represent the major financial centres for the regions (continent) where they’re located.
The forex market is most active when these three cities are conducting business which in turn means more traders would be active in the market. Since banks and corporations from these regions are going about their day-to-day transactions.
All Forex Trading Sessions in Nigeria Time
|Forex Trading Session||Nigeria Time|
|New York||2:00 PM – 11:00 PM|
|London||8:00 AM – 5:00 PM|
|Tokyo||12:00 AM – 9:00 AM|
|Sydney||10:00 PM – 7:00 AM|
Asian Forex Trading Session in Nigeria time
The Asian session in Nigeria time is from 12.00 a.m to 9.00 a.m.
20% of the global daily forex trading volumes come from the Asian forex market with the major traders in this market from Japan, Australia, Hong Kong & Singapore.
London Session Forex Time in Nigeria
The London session in Nigeria time is from 8.00 a.m to 5.00 p.m.
The London session starts when the Asian forex trading sessions come to an end. This is a very busy time in the global financial markets.
New York Session Forex Trading Time in Nigeria
The New York session in Nigeria time is from 2.00 p.m to 11.00 p.m.
The New York session starts halfway through the London session, making the action in the forex market more thicker as traders from the United States, Canada, Mexico and other parts of South America.
Sydney Session Forex Time in Nigeria
The Sydney session forex time in Nigeria is from 10.00 p.m to 7.00 a.m.
During the Sydney session the forex market significantly experiences a lower liquidity and volailty.
The Best time to trade Forex in Nigeria
The best time to trade forex for Nigerian traders is between 1:00 PM and 6:00 PM Nigerian time. As this is the time that liquidity is highest as the London and New york session overlap.
But overall, the best hours to trade forex as a Nigerian trader will depend on your trading strategies and the currency pairs you are trading.
Top Nigerian forex traders swear they start trading from the opening hours of the London session – 9:00 AM to early New York session hours which is 5:00 PM Nigerian time. They trade these currency pairs during the London session: EUR/USD, GBP/USD, EUR/GBP, USD/CHF and these currency pairs during New York session: USD/CAD, EUR/USD, GBP/USD, EUR/JPY and GBP/JPY.