Best Time to Trade Forex in Nigeria

Forex Trading Sessions in Nigeria Time

  • Classical Forex Trading Sessions

  • Time Zones in Nigeria

  • The Best Time to Trade

  • Right Time to Pause Trading

  • Best Forex Brokers

  • Related Articles

  • FAQs

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Daily Forex volume in the United States Forex Market climbed to $966.7 billion in the first quarter of 2022. 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.

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Classical Forex Trading Sessions

One of the most typical questions traders ask, relates to the suitable time of the day and the best time of the week to perform forex-related transactions. Ideally, the forex market, like any trading platform, has periods of high volatility and liquidity.

You must understand these trading sessions to help you make timely forex trading moves. The fact that global has varying geographical zones means that there will be different instances where trading sessions will overlap. Such fluctuating time differences often influence market liquidity and volatility.

Currently, the global forex trading sessions fall into four major categories.

Sydney (Pacific Region)

This specific trading session runs between 22:00 GMT and 7:00 GMT. During this session, the most traded currency pairs are the AUD/USD, the NZD/USD and any other currency pair with New Zealand and Australian dollars. During trading on this session, the EUR/JPY is the ideal currency pair to trade with, given that they are the main currencies influenced.

Tokyo (Asian Region)

The Tokyo (Asian region) is an equally vibrant forex block with high turnovers. The trading session in the Tokyo (Asian Region) runs between 23:00 GMT and 9:00 GMT. If you are trading in this session, the most commonly traded pairs include those that pair with the Japanese Yen (JPY), such as the USD/JPY, GBP/JPY, EUR/JPY and any other combination that matches these pairs.

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The Yen is the third most traded currency globally, with at least 16.8% of all forex transactions. In essence, at least 20% of all the global forex trading volume occurs during this session. While the turnover doesn’t come to Tokyo entirely, the stats confirm that this is one of the most vibrant sessions.

London (European Session)

The London session is the most volatile trading session in the global forex context. The volatility could be because this session has some of the highest numbers of transactions. Most of the trends start during the London session and continue until the New York Session begins.

The London Session begins at 8:00 GMT and ends at 17:00 GMT. The most common pairs during the London session include the EUR/USD, GBP/USD and EUR/GBP pairs. Most of the other currency pairs in the region also do well in this session.

New York (American Session)

Nicknamed “the big board”, the New York stock exchange is by far one of the most extensive stock exchange sessions globally. The market is the largest when valued based on market capitalization. The session has just over 28.2 trillion in market capitalization, which means that volatility levels in this session are equally high.

The New York (American session) opens at 13:00 GMT and ends at 22:00. The dominant currency in this session is the mighty dollar. You can trade with EUR/USD, USD/JPY and GBP/USD in this session.

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.

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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


01:00 – 10:00 AM

12:00 – 9:00 PM


22:00 – 7:00 AM

22:00- 7:00 AM


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

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

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.

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Best Forex Brokers in Nigeria

As a trader, it’s essential to know the most trusted brokers in your region. These are some of the most trusted brokers you can get worth in your investment journey in Nigeria.

ForexTime Limited (FXTM)

FXTM was founded in the year 2011. The broker’s full name is ForexTime, and the broker ranks as a global CFD and FX broker. FTXM prides on holding regulation licenses from the UK Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

The broker charges a withdrawal fee of $3 to traders and has a static fee charge. Your minimum deposit when trading on this platform is $50. The broker supports a base currency of at least currencies. On top of this, traders also get to enjoy a free demo account. However, the broker has high CFD fees, which may be a letdown.


eToro came into existence in the year 2007. The broker has regulatory licensing in two-tier jurisdictions and one tier-2 jurisdiction. This makes the broker a low-risk partner in your forex investment. EToro charges a first-time minimum deposit amount of $50. EToro is a perfect option for beginners because of its ease of learning and its safe platform. The platform offers an excellent balance between useful tools and unique features. As a broker, eToro offers unique Forex and CFDs webinars to help you learn fast and adapt to the platform. You also have the benefit of a virtual trading platform and proprietary platform. However, the platform has high non-trading fees, which may discourage a beginner.

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IC Markets

IC market is an Australian broker that became operational in the year 2007. Cyprus Securities and Exchange Commission and the Seychelles Financial Supervisory Authority fully regulate the broker. IC market also has legal rights to operate in Australia following the brokers’ regulatory agreement with the Australian Securities and Investment Commission (ASIC). The main letdown with this broker is the high minimum deposit of $200 which may be a matter of concern to beginners. However, this broker doesn’t charge an inactivity fee and has zero withdrawal fee, which is a plus for traders. The trader offers a unique portfolio, including Forex, CFD, and Crypto.


Is Forex Trading Legal in Nigeria?

Yes, it’s legal to trade your capital in Nigeria

What’s the best time to trade forex in Nigeria?

Between 2:00 pm and 6:00 pm when the London and New York sessions overlap

What are the most common forex pairs in Nigeria?

These are the most common pairs EUR/USD, USD/JPY and GBP/USD

What are some of the trusted forex brokers in Nigeria?

Some of the best brokers in Nigeria include eToro, IC markets and FXTM

Best Time to Trade Forex in Nigeria


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