Many traders in Nigeria wonder what time the foreign exchange market closes on Fridays. In this article, you will learn what time does forex market close on Friday in Nigeria.
The forex market is open every day of the week, excluding weekends and holidays. It’s critical for traders to be aware of their respective regions’ Friday closing times for the foreign exchange market.
However, because it is a global market, the forex market operates around the clock. You can trade day or night because forex trading sessions run and overlap all over the world.
Table of Contents
WHAT TIME DOES THE FOREX MARKET OPEN ON SUNDAY?
From 5 p.m. EST on Sunday to 4 p.m. EST on Friday, the forex market is open around the clock in various locations.
WHEN DOES FOREX MARKET OPEN IN NIGERIA?
It is available and open five days a week. The forex market in Nigeria is open from Sunday at 11:00 PM until Friday at ten o’clock at night.
WHEN DOES FOREX MARKET OPEN IN NIGERIA ON SUNDAY?
The currency market in Nigeria is open from Sunday at 11:00 PM to Friday at 10:00 PM.
WHAT TIME DOES FOREX MARKET CLOSE ON FRIDAY IN NIGERIA?
Every Sunday at 10:00 p.m. Nigerian time, the foreign exchange market begins trading for the week. This corresponds to 10:00 pm the rest of the year and 11:00 pm from roughly October to March.
BEST TIME FOR DAY TRADING FOREX IN NIGERIA
To know the best time for day trading, a forex trader must know what day trading is, to begin with.
So “what is day trading?”
The act of buying and selling in a short period of time, usually one day, is known as day trading.
That being said the best time for day trading is trading sessions where the market trading volume is high which are the London and New York sessions.
FOREX TRADING SESSIONS
One distinguishing feature of the foreign exchange market is the forex trading sessions, which provide traders with various market opportunities and liquidity, particularly in areas of market session overlap where high trading volume is experienced.
There are four forex trading sessions:
- SYDNEY SESSION
- NEW YORK
The Sydney trading session is part of the Asian session. It begins at 22:00 GMT and ends with the Tokyo session at 8:00 GMT.
During the session the Yen is, of course, the most traded currency, accounting for 16.5 percent of all forex transactions.
You can consider the Sydney and Tokyo sessions as two-in-one sessions.
Active players in this session are Sydney, Singapore, and Hong Kong.
This is where about 21% of all forex transactions take place.
SYDNEY AND TOKYO SESSION FEATURES
Sometimes there is very little liquidity (i.e., money sold without causing significant price changes).
Due to this low liquidity, the majority of currency pairs will trade in a range, especially if the New York session before it saw a significant move.
The majority of activity occurs at the start of the session because this is when economic news is released.
As economic news from Australia, New Zealand, and Japan is released during the Asian session, you can expect stronger moves in pairs containing the JPY, AUD, and NZD.
The London session is a strong financial center in all of Europe. The London trading session experiences large trade volumes because of the interest of traders around the globe.
LONDON SESSION FEATURES
A significant trading volume (over 32 percent of all forex transactions are carried out here)
Is highly liquid
Is the time frame with the most market up- and downtrends
Volatility (i.e., overall price fluctuations) slows down a little until the New York trading session begins.
NEW YORK SESSION
The London session is another high trade volume, especially during the overlapping of London and New York sessions.
NEW YORK SESSION FEATURES
Here, roughly 19% of all forex transactions are made.
High potential to move the market: 85% of transactions involve the US dollar.
High liquidity early in the day when it coincides with the London session
The majority of economic news stories are published at the start of the session.
In the afternoon, volatility and liquidity decline.
Low price movement on Friday afternoon
Strong likelihood of trend reversal in the afternoon.
BEST TIME TO TRADE XAUUSD IN NIGERIA?
One mistake beginner traders make is thinking that there is the best time to trade XAU/USD or any currency pair. In as much as the forex market has trading sessions that affect trade volumes, one thing that is guaranteed in the forex market is the concept of market structure.
That being said, the best time to trade XAUUSD in Nigeria is when there is a high market setup with low risk and high reward.
The best time to trade XAUUAD in Nigeria is beyond a certain time or day of the week, one thing that is consistent is market structure and when this structure is formed and completed is a good time to trade.
To know more about this you can read my previous article on price action and market structure.
BEST TIME TO TRADE FOREX IN NIGERIA?
Many new traders start to think in terms of forex trading sessions alone whenever “the best time to trade forex in Nigeria” is brought up.
The best way to trade forex in Nigeria is to locate a strong market set up and engage in market structure trading. It is true that some forex trading sessions have more market activity and opportunity, but many traders still lose money in those high-volume market sessions.
The best time to trade forex in Nigeria is more than trading sessions and timeframes. It’s the ability to see high market setups irrespective of the timeframe and trading session.
When you correctly implement this, your trading decisions will be superior to those of traders who only consider overlapping trading sessions as the best time to trade forex.
TIME POINTS AND DATES WHEN TRADING FOREX ARE NOT RECOMMENDED
The forex market is active 24/7, however, this does not mean any time is a good time for trading the forex market.
There are times when it is best to stay away from trading, such times are:
The forex market requires a large volume of trade transactions to have a significant move. The big institutions play a huge role in making that happen, so when there is a national holiday.
These huge market movers observe these holidays and you should too, otherwise, you will be stuck in unusual price behavior and will not make sense for any particular dominant market dominant trend.
EARLY MONDAY MARKET OPENINGS
A school of thought has it that early Mondays are a continuation trend, another has it that it’s reversals.
The truth is they are both correct. One reason you should stay away from early Mondays is that the market does not have a clear-cut direction.
The Market is usually very slow as it is still reacting based on last week’s move. Smart traders and big investors stay away and you should too.
MAJOR NEWS RELEASE
Track major news releases with your economic calendar and stay away from the market during those periods especially if you have no idea how trading the news works.
During this period the market experiences irregular price spikes that tend not to go with the regular market structure, so stay away if you are not sure.
WHY IS IT IMPORTANT TO OBSERVE PROPER TRADING HOURS IN NIGERIA
As a trader, one thing that gives you an advantage over other traders is observing proper trading hours as this will serve you in many ways.
Here is a list of why it is important to observe proper trading hours.
- Saves you unproductive trading hours spent on your PC
- Helps you focus on trading hours with high trade volumes
- Helps you master a trading strategy with consistency during certain market hours
- Observing proper trading hours helps you isolate the best pairs to trade in each trading session.
HOURS WHEN TRADING SESSIONS OVERLAP
There is a trading session that overlaps the London and New York session between 12 GMT to 15 GMT and overlaps of Sydney and Tokyo session between 23 GMT to 5 GMT.
Below is a simple image Illustration: