Cape Verde with the colonial masters, who nevertheless refused to provide the local authorities with more autonomy. In 1951, Portugal changed Cape Verde's status from a colony to an overseas province in an attempt to blunt growing nationalism. In 1956, Amílcar Cabral and a group of fellow Cape Verdeans and Guineans organised (in Portuguese Guinea) the clandestine African Party for the Independence of Guinea and Cape Verde (PAIGC). It demanded improvement in economic, social and political conditions in Cape Verde and Portuguese Guinea and formed the basis of the two nations' independence movement. Moving its headquarters to Conakry, Guinea in 1960, the
Bank of Cape Verde Bank of Cape Verde The Bank of Cape Verde () is Cape Verde's central bank. Its headquarter is located on Avenida Amílcar Cabral, in the national capital of Praia on the island of Santiago. Its current governor is João António Pinto Coelho Serra, who is in office since December 2014. The government established the Bank of Cape Verde in 1975, as a bank that combined commercial banking and central banking functions. The government created the bank by nationalizing the operations of the Portuguese colonial and overseas bank, Banco Nacional Ultramarino, which had established its first branch in Cape Verde in