coinsThe Cape Verde Escudos (CVE) is the official currency of Cape Verde, a beautiful island nation located off the northwest coast of Africa. 

People use this currency for everyday transactions, including buying food, clothing, and other goods.

Knowing the Cape Verde Escudo helps travelers and investors navigate the local economy more effectively. 

With its unique history and the beautiful islands that use it, the Cape Verde Escudo plays a crucial role in the daily lives of Cape Verdeans and anyone visiting the country.

What is Cape Verde Escudos (CVE)

The Cape Verde Escudos (CVE) is the official currency of Cape Verde, an island nation located in the Atlantic Ocean.

One escudo divides into 100 centavos.

People use the currency for everyday transactions, including buying goods and services in the country. The CVE has both coins and banknotes, with various denominations in circulation.

How the Cape Verde Escudos is Represented

• Symbol: CVE (often shown as Esc)
• Code: CVE

When you write prices or talk about money in Cape Verde, use “CVE” to indicate the currency.

History of Cape Verde Escudo (CVE)

The Cape Verde Escudos (CVE) is the official currency of Cape Verde, an island nation located off the western coast of Africa. The history of the escudo dates back to the early 20th century, primarily influenced by Portugal, which colonized Cape Verde. 

Originally, the islands used the Portuguese real, introduced in 1430. However, in 1911, Portugal adopted the escudo as its currency, and three years later, the Cape Verdean escudo became the official currency of the islands, replacing the Portuguese real​

The escudo has undergone various changes since its introduction. Portugal used the escudo as its main currency until adopting the euro in 2002.

The Cape Verdean escudo serves exclusively in Cape Verde and does not function as legal tender in any other country. The currency is divided into 100 centavos, but inflation has led to the discontinuation of centavo coins.

As a result, merchants typically round prices to the nearest escudo. People represent the symbol for the escudo as “CVE.”

Exchange Rate with Other Currencies

The exchange rate for the Cape Verde Escudos (CVE) is fixed concerning the euro, with a rate of approximately 1 EUR = 111 CVE. This fixed rate simplifies currency exchange for visitors. Additionally, you can compare the escudo to other currencies, including:

• United States Dollar (USD): 1 USD is approximately 100 CVE.
• Nigerian Naira (NGN): 1 CVE equals about 15 NGN, making 100 CVE roughly equal to 1,500 NGN.
• Brazilian Real (BRL): 1 BRL is around 22 CVE.
• British Pound (GBP): 1 GBP exchanges for about 130 CVE​

Banknotes of the Cape Verde Escudo

Cape Verde Escudos (CVE) has several banknotes in circulation, each with different colors, sizes, and designs. Below are the main denominations:

• 200 Escudos: This banknote is blue and features a portrait of Amílcar Cabral, a prominent figure in the country’s history. It measures 160 x 70 mm.
• 500 Escudos: The 500 escudo note is green and also features Amílcar Cabral. It is a little larger, measuring 160 x 70 mm.
• 1000 Escudos: This note is brown and displays a picture of the São Vicente island, known for its culture and music. The size is around 160 x 70 mm.
• 2000 Escudos: The 2000 Escudo bill is orange and shows Praia, the capital city of Cape Verde. This banknote is 160 x 70 mm in size.
• 5000 Escudos: This is the largest banknote, which is purple. It features the Cape Verdean flag and important national symbols. Its size is 160 x 70 mm.

Coins of the Cape Verde Escudo

The Cape Verde Escudos also has several coins, which are commonly used for smaller purchases. Below are the main coins:

• 1 Escudo: A bronze coin used for very small transactions.
• 5 Escudos: This coin is copper-nickel and often used for snacks or small items.
• 10 Escudos: A slightly larger coin made of copper nickel.
• 20 Escudos: A coin made of nickel, often used for bus fare or small purchases.
• 50 Escudos: This coin is also made of nickel and used in everyday transactions.

Where the Cape Verde Escudo is Used

The Cape Verde Escudo is used exclusively in Cape Verde. If you visit the islands, you will need to exchange your money for escudos. 

While some places may accept foreign currencies like the Euro or US Dollar, it’s always best to use the local currency for purchases.

Conclusion

The Cape Verde Escudos (CVE) is essential for anyone interacting with the vibrant economy of Cape Verde. 

From its banknotes and coins to its historical significance, the CVE provides insight into the culture and life of the islands. 

You may be planning to visit Cape Verde or explore investment opportunities, knowing the Cape Verde Escudo will help you make informed decisions and appreciate this unique nation even more.