The USD/Naira is one of the most popular currency pairs in Nigeria. Traders tend to trade in this pair during the afternoons, between 1:00 and 5:00 PM local Nigerian time. It is also known as the “Swissie” because the currency is the last Franc to circulate in Europe. CHF is short for Confoederatio Helvetica and is the currency of Switzerland, a neutral state located in the middle of Europe.
The forex market is an international market with no single central exchange. It consists of many overlapping global networks, and operates around the clock. The first trading session is usually Monday, and the last is Friday. The forex market in Nigeria coincides with the European session, which is the second trading session of the day. This gives traders in Nigeria the best of both worlds for EUR and USD pairings. It is important to understand that forex sessions in Nigeria are similar to those in other countries.
The Nigerian currency has many benefits, including low trading fees and no exchanged or clearing charges. Since the currency market is unregulated, traders aren’t subject to commissions, exchanged fees, or clearing charges. Therefore, it is an excellent choice for beginners and more experienced traders. Nigerian forex trading is one of the most active markets in the country. And even though it is not regulated, it has remained one of the most popular markets in Africa for its low-cost currency.
Apart from being an accessible, low-risk market, the Nigerian Naira is also widely used in forex trading. A growing middle class in Nigeria is responsible for the rapid growth in retail spending across the continent. Traders in Nigeria prefer MetaTrader 4, which is a highly customizable platform with a user-friendly interface. Additionally, more than 35% of traders prefer trading on their mobile devices. Android is the most popular choice for mobile devices in Nigeria, as it is compatible with more handsets. Most traders use Samsung and Huawei mobile phones.
Another popular currency pair is the USD/CHF. The USD/CHF pair shows the amount of CHF needed to purchase a USD. Because the USD is the base currency, the best time to trade the USD/CHF pair is when the New York and London sessions collide. The spreads on this pair are lower than those of minor and exotic currency pairs. You can even trade this pair on a day or two during these hours.
Beginners should focus on EUR/USD for their first few trading sessions. This pair is the easiest to learn, although it can be risky. It is also popular for its low spreads and predictability. If you’re just starting out, it is best to start out with a major currency pair like EUR/USD and expand your trading to other instruments once you’re comfortable with it. If you have experience and are looking for a long-term trading strategy, you can expand your trading repertoire.
Other popular currency pairs are GBP/USD, EUR/CAD, and USD/JPY. The USD/JPY pair is the most popular, but its volume is low. The USD/CAD pair is less volatile, and is the most popular currency pair in Nigeria. The GBP/Naira pair is also popular among traders. The EUR/USD pair trades significantly more than any other currency pair in the world, with over 50% more volume.