Why do some currencys have two Official Exchangerates?

Question

I'm working with IFS data on Cape Verde - the Escudos official exchangerates towards american dollars have two values - why is that?

Answer 1

Official and non-official. Usually, the official is too low, hence the so-called black market rate.

In some countries its illegal, but many countries close their eyes.

All the best!/

Answer 2

You have a buy and a sell rate that is used when dealing with "tourist" transactions. You also have "tourist" and money market rates. The money market rate is generally the better rate to use when trying to decipher the economy.