Joseph Mukan Askh, 33 of Cameroon, was today accused in court with conspiracy to produce counterfeit banknotes.
The man pleaded not guilty and was remanded in custody.
However a few minutes later he walked back into the courtroom and asked to change his plea to guilty.
Magistrate Claire Stafrace Zammit told him that this was too late as the case was closed.
The case will now be appointed to be heard by another magistrate, at which stage the accused can change his plea.
Informed sources said the man was arrested on Saturday after a long investigation which was launched when a number of people reported being given fake banknotes.