Three persons have been convicted and sentenced to various jail terms by the Federal High Court in Ilorin, Kwara State for racketeering.
They were found guilty by the court on Tuesday of engaging in naira racketeering by selling the currency to make gains.
The convicts who were arraigned by the Economic and Financial Crimes Commission were jailed by Justice Evelyn Anyadike.
They are Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat.
The anti-graft agency alleged that the convicts by trading in naira notes committed an offence contrary to Section 21 (4) of the Central Bank of Nigeria Act, 2007. Adding that, they were liable to punishment under Section 21 (1) of the same Act.
The defendants pleaded guilty to the charges.
In the judgment, Justice Anyadike sentenced Wuraola to two months imprisonment with an option of a fine of N50,000 while she ordered that the sum of N1,020,000 recovered from her be forfeited to the Federal Government while the POS machine recovered from her should be destroyed.
The judge sentenced Isa to six months imprisonment with an option of a fine of N50,000 while the sum of N150,000 recovered from him be forfeited to the FG.
On her part, Rukayat was sentenced to six months imprisonment with an option of a fine of N50,000 while the sum of N200,000 recovered should be forfeited to the FG.
