🇨🇻Cape Verdean Escudo (CVE)
The escudo became Cabo Verde's currency at independence from Portugal in 1975, replacing the Portuguese escudo that had circulated under colonial rule. Since 1998 it has been pegged to the euro at a fixed rate of 110.265 escudos per euro (inherited from its earlier peg to the Portuguese escudo), giving the country's economy — heavily reliant on tourism and remittances from Cabo Verdeans abroad — a stable currency anchor. Prices are traditionally written with a cifrão symbol, e.g. 100$00.
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History
The escudo became Cabo Verde's currency at independence from Portugal in 1975, replacing the Portuguese escudo that had circulated under colonial rule. Since 1998 it has been pegged to the euro at a fixed rate of 110.265 escudos per euro (inherited from its earlier peg to the Portuguese escudo), giving the country's economy — heavily reliant on tourism and remittances from Cabo Verdeans abroad — a stable currency anchor. Prices are traditionally written with a cifrão symbol, e.g. 100$00.
Denominations
Cape Verdean Escudo banknotes commonly circulate in these denominations:
- 200, 500 escudos — common banknotes for everyday transactions
- 1,000, 2,000, 5,000 escudos — higher-value notes
- Coins circulate in 1, 5, 10, 20, 50, and 100 escudos
Frequently Asked Questions
What is the currency symbol for the Cape Verdean escudo?
The escudo's symbol is Esc, though prices are often written with a cifrão (e.g. 100$00). Its ISO 4217 code is CVE.
Is the Cape Verdean escudo pegged to another currency?
Yes. It has been pegged to the euro since 1998 at a fixed rate of 110.265 CVE per euro.
Why does Cabo Verde use a fixed exchange rate?
The peg gives Cabo Verde's small, tourism- and remittance-dependent economy price stability and predictability for trade with Europe, its largest economic partner.
Where can I see rates for other African currencies?
Check the full currency directory on the African Currencies homepage, which covers all 54 African countries.