Trading from Nigeria: what is different
In June 2023 the Central Bank of Nigeria unified the official exchange-rate windows, and the naira lost much of its value against the dollar over the months that followed. That is why many Nigerians think about savings in dollars, and why a USD-denominated trading account is the default here. Its value in naira still moves with the exchange rate.
Nigeria does not change its clocks. West Africa Time stays at UTC+1 all year, so the London open is at 09:00 from November to March and 08:00 from April to October, when Europe is on summer time.
Crude oil is Nigeria's main export, and Nigerian grades are priced against Brent. Brent (UKOIL) and WTI (USOIL) are both on the platform.
Forex market hours in Nigeria
The forex market is open 24 hours a day from Monday to Friday, passing from Asia to Europe to North America. These are the main sessions converted to local time in Nigeria.
| Session | Local time, Nov–Mar | Local time, Apr–Oct |
|---|---|---|
| Tokyo session | 01:00–10:00 | 01:00–10:00 |
| London session | 09:00–18:00 | 08:00–17:00 |
| New York session | 14:00–23:00 | 13:00–22:00 |
| London–New York overlap | 14:00–18:00 | 13:00–17:00 |
| Weekly open | Sunday 23:00 | Sunday 22:00 |
| Weekly close | Friday 23:00 | Friday 22:00 |
The busiest hours for the major pairs and gold are usually the London–New York overlap. Spreads tend to be widest around the daily rollover and in the first hour after the weekly open.
Markets to watch from Nigeria
- XAU/USD (gold) — the most traded metal, priced in US dollars.
- Brent crude (UKOIL) — the benchmark Nigerian crude is priced against.
- EUR/USD and GBP/USD — most liquid from the London open at 09:00 Lagos time in winter.
- Dow Jones (US30) and Nasdaq 100 (USTEC) — from the US stock-market open at 15:30 Lagos time in winter.
Accounts and funding
| Account | Minimum deposit | EUR/USD spread | Commission |
|---|---|---|---|
| Standard Cent | $10 (balance in USC) | From 1.4 pips | None |
| Standard | $100 | From 1.0 pips | None |
| Pro | $1,000 | From 0.6 pips | None |
| Raw ECN | $5,000 | From 0.0 pips | $7 per lot |
Accounts are held in US dollars and funded in USDT on BNB Smart Chain (BEP20) or Tron (TRC20). There is no Nigerian naira conversion inside your account; any conversion happens wherever you buy or sell USDT. Identity verification is completed once, before your first withdrawal.
Regulation and your responsibility
AlphaFX Pro is an international broker and is not licensed by the Securities and Exchange Commission (SEC Nigeria). Our registration in St. Vincent and the Grenadines is in progress. We do not provide investment advice or a local office in Nigeria.
Before opening an account, make sure the law in Nigeria allows you to trade CFDs with a broker based outside the country, and check any rules on moving money abroad. If you are not sure, ask us before you deposit.
Frequently asked questions
Can I trade the naira?
No naira pairs are offered. Accounts are held in US dollars and funded in USDT on the BEP20 or TRC20 networks, so you do not need a domiciliary account to deposit.
What time does forex open in Nigeria?
The forex week opens on Sunday night at 23:00 Lagos time from November to March (22:00 from April to October) and closes on Friday at the same time. The busiest window is the London–New York overlap, about 14:00–18:00 in winter.
What is the minimum deposit from Nigeria?
The Standard Cent account opens from $10, funded in USDT, with the balance held in US cents ($10 = 1,000 USC). Standard opens from $100, Pro from $1,000 and Raw ECN from $5,000.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is general information, not investment advice. Read the Risk Disclosure.