CVE / ZAR

The Cape Verdean escudo is the official currency of the island nation of Cabo Verde, located off the west coast of Africa. Issued by the Banco de Cabo Verde, it is subdivided into 100 centavos, though centavo coins are rarely used in everyday transactions.

The escudo has been pegged to the euro at a fixed rate of 110.265 escudos per euro since 1999, providing monetary stability for the country’s economy. Historically, it replaced the Portuguese escudo after independence in 1975, and its design features national symbols such as the sea turtle and the national flag. Despite its name, the escudo is not widely traded internationally, and most foreign exchange is conducted through the euro.