Cabo Verde currency

The currency of Cabo Verde

Cape Verdean escudo (CVE)

The currency of Cabo Verde is the Cape Verdean escudo (CVE), which has been the official currency since 1914, replacing the Portuguese real. The escudo is divided into 100 centavos, making transactions straightforward for both locals and visitors.

Coins and Banknotes

The current series of coins and banknotes in circulation feature a variety of designs that reflect Cabo Verde's rich cultural heritage and natural beauty. The coins come in denominations of 1, 5, 10, 20, 50, and 100 escudos, while the banknotes have denominations of 200, 500, 1000, 2000, and 5000 escudos. Each note showcases important historical figures and landmarks, capturing the essence of Cabo Verde's history and heritage.

Exchange Rates and Stability

Regarding exchange rates, the Cape Verdean escudo is often pegged to the euro, which helps maintain a stable exchange rate. As of October 2023, one euro is approximately equivalent to 110 escudos. This pegging to the euro provides a degree of stability, although, like all currencies, the escudo can fluctuate in value due to various economic and political factors.

Currency Exchange and Banking

Tourists visiting Cabo Verde will find that recognized currencies like the US dollar and euro can be exchanged readily at banks and Foreign Exchange Bureaux. Additionally, credit cards and travelers' cheques in euros and US dollars are widely accepted, particularly in urban areas and tourist hotspots. Most city banks are equipped with ATMs from which local currency can be withdrawn at any time, making it convenient for visitors to access funds when needed.

Practical Tips for Travelers

When traveling to Cabo Verde, it is advisable to carry a mix of cash and cards to ensure you can handle transactions smoothly, whether you are purchasing a local delicacy, paying for a guided tour, or shopping for handcrafted souvenirs. While cards are accepted in most hotels and larger establishments, smaller vendors and rural areas might prefer cash.