One kilogram each of peanut (Arachis hypogaea L.) seeds were collected from each of six popular markets with high patronage in Kwara State, North-Central Nigeria, namely Alapa, Ganmo, Ipata, Kaiama, Share and Tsaragi markets. There is lack of reliable information on the fungal species and level of TAF in the peanut seeds sold in these markets. The fungal species associated with the samples were isolated using serial dilution method and pour plating method, and then identified morphologically and molecularly, after which the total aflatoxins (TAF) in each sample were evaluated using the direct competitive enzyme-linked immunosorbent assay method (ELISA). A total of five fungal species Aspergillus flavus, A. oryzae, Mucor indicus, Rhizopus oryzae and Rhizopus arrhizus were isolated from the collected samples. Aflatoxins were present in 66% of the examined peanut seeds at varying values. The highest TAF content viz. 2.5 part per billion (ppb) was recorded in the peanut seeds from Share market, while the lowest TAF content (0.9 ppb) was recorded in the seeds from Alapa market. The TAF content values obtained in this study were within the permissible limits (20 ppb) approved by the National Agency for Food and Drug Administration and Control (NAFDAC), as well as the 10 ppb approved by the Codex Alimentarius Commission (CAC) for Peanut seeds in Nigeria. However, prolonged and consistent consumption of peanut seeds with these doses of TAF may result in accumulation of aflatoxins in the body, thereby posing a potential health challenge over time.