Timing Is Everything: Mastering The Trading Sessions In Nigeria
The Foreign Exchange Market (Forex, FX, or Currency Market) is one of the most active and liquid financial markets in the world. The foreign exchange market is open around the clock, with transactions totaling billions of dollars taking place every day.
Timing Is Everything: Mastering The Trading Sessions In Nigeria
Although trading occurs continuously throughout the day, local market hours may vary.
Foreign exchange trading has seen extraordinary growth throughout Africa. When it comes to the foreign exchange market, Nigeria is among the continent’s biggest players, with a GDP of $432,297,776 each year. The Nigerian economy is robust enough to sustain a dynamic foreign exchange market.
Those interested in the Nigerian Foreign Exchange market would do well to familiarise themselves with the country’s forex trading sessions. This analysis focuses on the times when the Forex Market is open for business in Nigeria. You can use this data to improve your forex trading.
Using the Forex trading sessions
There are a few things you need to know before you start trading Forex in Nigeria. Experts recommend 10:15 a.m. to 2:30 p.m. as the optimal trading sessions in Nigeria. This is due to the fact that morning volatility often declines between 10:00 and 10:15.
Here are the Forex trading sessions you should be aware of if you are a Nigerian Forex trader.
The Asian Session
Tokyo is the principal market for the Asian session. This session’s trading hours are 12:00 a.m. to 9:00 a.m. (01:00 a.m. to 10:00 a.m. in local Nigerian time). USD/JPY, GBP/JPY, and EUR/JPY are the top currency trading pairs at this time.
The European Session
London is the principal market for the European session. This session’s trading hours are 8:00 a.m. to 5:00 p.m. (09:00 a.m. to 6:00 p.m. in local Nigerian time). EUR/USD, GBP/USD, and EUR/GBP are the best currency pairs to trade.
The North American Session
New York is the principal market for the North American session. This session’s trading hours are 02:00 pm to 11:00 pm (03:00 pm to 12:00 pm in local Nigerian time). EUR/USD, USD/JPY, and GBP/USD are the best currency pairs to trade.
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Knowing at which time to trade Forex in Nigeria
With knowledge of Nigeria’s actual time zone and the time difference between major trading sessions, the following inquiry should be about the ideal trading times for forex traders in Nigeria. The answer to this question is dependent on other aspects such as your trading pairs, trading time, and trading style.
Every trader wants to get the most out of their business, and if you live in Nigeria, these time zones will help you make the most money.
To take maximum advantage of the Nigerian forex market, you can mix both intraday and long-term trading techniques. Individuals also have freedom to trade forex at any rate.
For Nigerian forex traders who use intraday trading tactics, it is typically stated that the ideal time to trade is between 10:15 a.m. and 2:30 p.m. Morning volatility often tends to lessen between 10:00 and 10:15 a.m.
Volatility refers to the measurement of the currency value by which market prices move over a specified time period. This may allude to the ups and downswings in the currency market for beginners.
