The Cape Verde Escudo is the official currency of the Republic of Cape Verde, a group of islands located off the coast of West Africa. It is denoted by the currency code CVE. The currency was introduced in 1914, replacing the former currency known as the Cape Verdean real.
The Cape Verde Escudo is subdivided into 100 centavos, but due to low value and inflationary pressures, centavo coins are no longer in active circulation. The coins currently in circulation are available in denominations of 1, 5, 10, 20, 50, and 100 escudos, while banknotes are available in denominations of 200, 500, 1,000, 2,000, 2,500, and 5,000 escudos.
The exchange rate of the Cape Verde Escudo is determined by the country's central bank, Banco de Cabo Verde. It fluctuates based on various economic factors, including a pegged exchange rate to the euro.
The Cape Verde Escudo is primarily used within the country for daily transactions, although acceptance may vary in some establishments. It is not widely accepted or recognized outside of Cape Verde. Therefore, visitors to Cape Verde are advised to convert their money into the local currency upon arrival.
Overall, the Cape Verde Escudo acts as a medium of exchange, facilitating economic transactions and representing the value of goods and services within the Republic of Cape Verde.
