Cape Verdean Escudo: Overview and Practical Information

The Cape Verdean escudo is the official currency of Cape Verde, an island nation off the coast of West Africa. It's a stable currency, pegged to the euro, which makes it a reliable choice for travelers.

You can exchange your money for escudos at airports, banks, and currency exchange offices, but be aware that the exchange rate may not be favorable. Credit cards are widely accepted in tourist areas, especially in hotels and restaurants.

The escudo comes in denominations of 200, 500, and 1000, with coins ranging from 1 to 5 escudos. You'll also find a 2 escudo coin, which is a great souvenir to bring back home.

To make the most of your trip, consider withdrawing escudos from an ATM using your debit or credit card, as this is often the best way to get a good exchange rate.

The Cape Verdean escudo has a rich history that spans over a century. It was introduced in 1914, replacing the Cape Verdean real at a rate of 1000 réis = 1 escudo.

Until 1930, the country used Portuguese coins, despite banknotes being issued specifically for Cape Verde beginning in 1865. The Banco Nacional Ultramarino issued these banknotes.

The Cape Verdean escudo was equal to the Portuguese escudo until 1975, when Cape Verde gained its independence. After independence, the escudo depreciated significantly, declining by about 30 per cent in 1977-78 and by a further 40 per cent in 1982-84.

Here are the key dates in the history of the Cape Verdean escudo:

The escudo has a rich history as the official currency of Cape Verde. It was introduced in 1914, replacing the Cape Verdean real at a rate of 1000 réis = 1 escudo.

Until 1930, Cape Verde used Portuguese coins, but banknotes were issued specifically for the country by the Banco Nacional Ultramarino, starting in 1865.

The Cape Verde escudo was initially equal to the Portuguese escudo, but after independence in 1975, it depreciated significantly. By 1977-78, it had declined by about 30 per cent, and by 1982-84, it had dropped another 40 per cent.

The Cape Verdean escudo remained relatively stable against the Portuguese escudo after its decline. However, in mid-1998, an agreement with Portugal established a pegged rate of 1 Portuguese escudo = 0.55 Cape Verdean escudos.

Today, the Cape Verdean escudo is pegged to the euro at a rate of 1 EUR = 110.265 CVE, supported by a credit facility from the Portuguese government.

Here are the key dates in the history of the Cape Verdean escudo:

The "The" in the Escudo's history is a bit of a mystery, but it's believed to have originated from the Spanish word for "shield." This is fitting, given the Escudo's design, which features a shield-like shape.

The Escudo was first introduced in the 17th century, and it quickly became a popular currency in many countries, including Portugal and Spain.

The Cape Verdean escudo is the official currency of Cape Verde, although it's not as widely used as you might think.

You can easily exchange euros for escudos in Cape Verde, thanks to the fixed rate of exchange between the two currencies.

The fixed rate makes it a great option for travelers who want to avoid worrying about currency exchange fluctuations.

In many places, you'll find that euros are widely accepted, making it easy to get by without needing to exchange your money right away.

Just be aware that you may not always get the best exchange rate, so it's a good idea to have some local currency on hand for smaller purchases.

The Cape Verdean escudo has a variety of denominations and coins in circulation. The smallest coin is a brass-plated-steel 1 escudo, featuring a sea turtle design.

You can find coins in denominations of 5, 10, 20, and 50 centavos, which were introduced in 1930 under Portuguese rule. The centavo coins were aluminium, while the 50 centavos and 1 escudo were in nickel-bronze.

Coins have undergone several changes since independence in 1977. The present coinage was introduced in 1994, featuring a range of designs, including native animals, historical ships, and native plants and ferns.

The commonly used coin denominations include 1, 5, 10, 20, 50, 100, and 200 escudos. However, the 200 escudo coin is not as widely circulated as the other denominations.

Here's a list of the commonly used coin denominations:

It's worth noting that the 1 escudo coin does not circulate well and vendors tend to round to the nearest five in practice.

The Banco Nacional Ultramarino introduced notes in denominations of 4, 5, 10, 20, and 50 centavos in 1914.

These early notes were soon followed by the introduction of 1, 5, 10, 20, 50, and 100 escudo notes in 1921.

The 10 escudo note was replaced by coins in 1953, and the 5 escudo note was withdrawn at the same time.

After independence on 5 July 1975, notes were issued for 100, 500, and 1000 escudos on 1 July 1977.

The next series of notes, introduced in 1989, consisted of 100, 200, 500, 1000, and 2500 escudos.

The third series of notes was introduced in 1992 in denominations of 200, 500, and 1000 escudos, with the addition of 2000 and 5000 escudo notes in 1999.

The 200 escudo note was redesigned in 2005, followed by the redesign of the 500 and 1000 escudo notes in 2007.

A new series of banknotes was introduced on 22 December 2014, honoring Cape Verdean figures in the fields of literature, music, and politics.

These new banknotes were issued in denominations of 200, 1,000, and 2,000 escudos in 2014, with the 200 escudo note now printed on polymer.

You can exchange your money for Cape Verdean escudos at a bank or exchange bureau before or upon arrival. The fixed exchange rate between the euro and the Cape Verdean escudo is 1 EUR = 111 CVE.

Credit cards from VISA and Mastercard are widely accepted in touristy establishments, but you may face higher fees compared to prepaid travel cards. Debit cards linked to your bank account can also be used to make purchases and withdraw cash.

Mobile payments like Apple Pay and Google Pay are becoming increasingly popular, but it's essential to check their availability in Cape Verde beforehand. Prepaid travel cards, on the other hand, offer good value, security, and convenience.

If you're from the US, the UK, or other eligible countries, consider using a global provider like Revolut for a prepaid travel card. For Canadians and New Zealanders, the Wise Account is an excellent alternative. If you're from another country, check what multi-currency cards are available in your region.

The Cape Verdean escudo is one of 180 currencies worldwide, and its exchange rate can fluctuate due to economic, political, and market factors. You can use tools like Monito's currency pages to follow live exchange rates and find the best deals.

Euros are widely accepted in Cabo Verde, and you can exchange them for Cape Verdean escudos at banks or exchange bureaus. The exchange rate is fixed, so you don't need to worry about fluctuations.

ATMs are readily available in larger towns and tourist areas, making it easy to withdraw local currency during your trip. However, be aware of possible withdrawal fees and transaction costs charged by your bank or ATM operator.

Here are some essential facts about using ATMs in Cape Verde: