They have two versions of the Cuban peso. The convertible peso (symbol is CUC— can’t make it up) which trades at 1 to the USD. Then there is the regular Cuban peso (symbol: CUP) which Cuban citizens get to use. Foreign exchange is limited to the CUC.
It’s not only that they have two currencies, there are stores that only accept “hard” currency, which most Cubans do not have.
“ They have two versions of the Cuban peso.”
When I went to Red China almost 40 years ago, they had the same system. I had tourist renminbi, which I could only use in a few locations. I soon found out that there was an active black market in peoples’ RMB, trading at a very good discount, and I traded some for the other. That meant that I could get meals and haircuts and local goods anywhere. The buyers got a chance to purchase goods at the tourist shops.
The Chicoms soon ended the dual currency system, as they weren’t able to effectively fight the “corruption”.