The Cape Verde Escudo is the official currency of Cape Verde, abbreviated as CVE in forex markets. It is pegged to the euro at a fixed exchange rate, providing monetary stability for the island nation. Due to the peg, CVE movements closely track the euro, and the currency sees very limited volume in global forex markets.
Example
“Because the Cape Verde Escudo is pegged to the euro, tourists visiting from the eurozone benefit from a stable and predictable exchange rate.”