Best Forex pairs to trade in Nigeria



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Forex trading is popular in Nigeria. If you are a Nigerian and want to trade Forex, you must be familiar with Forex pairs and know the best Forex pairs to trade in local time. In this article, Traders Union experts discuss these and other peculiarities of Forex trading in Nigeria.
Best Forex pairs to trade in Nigeria
Traders Union research shows that EUR/USD and USD/JPY are the most traded currency pairs in Nigeria.
According to the data, 80% of Nigerian traders favor these two Forex pairs, making them the top two in the country. However, additional Forex pairs are also available. For example, GBP/USD and AUD/USD are your best options if you are a trader seeking less volatile currency pairs.
What are the best Forex pairs to trade in Nigerian local time?
There is a perfect intraday period for Forex trading in Nigeria. The hours between 10:15 a.m. and 2:30 p.m. local time are optimal for trading EUR/USD and USD/JPY. Also, the morning volatility tends to lessen between 10:00 a.m. and 10:15 a.m., making this the perfect period.
This is when the liquidity is high and the possibilities for profitable trades are higher. Furthermore, trends are expected at this time, increasing the chances of closing positions quickly and profitably. In fact, according to research done by the Traders Union, 52% of traders think that the intraday method is the best way to get good results.
Can I trade Forex 24/5 in Nigeria?
Yes. The Forex market is open 24 hours a day, five days a week. It is closed on the weekends. You can trade and make profits anytime during weekdays. However, there's a difference between the Forex market and trading sessions.
Trading sessions are periods during which a particular session operates. For example, the London session operates from 7 a.m. to 4 p.m. (8 a.m. to 5 p.m. local time). There are four trading sessions in the Nigerian Forex market, and each one has respective operating time zones. The Forex market never sleeps, and you'll find different open trading sessions at different times of the day.
Best Forex brokers in Nigeria
RoboForex

RoboForex is a top Forex and CFD broker offering a wide choice of earning opportunities. Novice traders can copy the signals of professionals automatically. For professional traders, the broker offers a Forex bot constructor and individual trading in the Forex, stock and cryptocurrency markets.
IC Markets

IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.
PocketOption

Pocketoption was launched in 2017. The company has a team of professional traders, as well as IT and FinTech experts. The broker gives its clients access to trade currency pairs, commodities, stocks, cryptocurrencies, and indices. Pocket Option provides its clients with access to more than 100 global trading assets. To operate in the financial markets, the company has developed its own unique trading platform. In addition, Pocket Option clients can trade in MT5. The brokerβs service is available in more than 95 countries and regions globally.
PocketOptions top priority is the high quality of customer service, constant improvement of trading technologies, and financial innovations. The broker also offers profitable bonus programs.
FAQs
What is the best time to trade Forex in Nigeria?
The best time to trade Forex in Nigeria is from 10:15 a.m. to 2:30 p.m. Nigerian time (WAT). During these hours, market liquidity and trading volume are at their peak, and there is more volatility in the market which can lead to better opportunities for traders.
What authority regulates Forex in Nigeria?
The Central Bank of Nigeria (CBN) is responsible for the regulation and oversight of Forex trading in Nigeria. The CBN seeks to protect investors by ensuring that Forex brokers operate within the legal framework and conform to a set of standards.
How can I trade Forex in Nigeria?
To begin trading Forex in Nigeria, you must first gain an understanding of the market and develop a strategy. You should educate yourself on trading basics and technical analysis, as well as risk management. Once you have a firm foundation in the Forex market, you can then look for a reputable and regulated Forex broker in Nigeria that offers the best trading platform, tools, and features for your needs. After signing up with a broker and opening an account, you will be able to start trading Forex by funding your account and placing trades. With the right guidance and knowledge, anyone in Nigeria can start trading in the Forex market and reaping the many benefits it offers. However, it is important to never forget the risks involved and ensure that you always trade responsibly.
Are Forex brokers legit in Nigeria?
Forex brokers in Nigeria are generally considered to be legitimate and reliable. The Central Bank of Nigeria regulates and supervises the activities of all Forex brokers in the country, making sure that they adhere to the laws and regulations set forth by the government. As such, Nigerian traders can rest assured that the brokers they are dealing with are reliable, safe, and trustworthy.
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Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.

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.
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).
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