Recent trends in the contamination of cereal grains by mycotoxins were reported with respect to public health concerns. Mycotoxins are toxic fungal secondary metabolites, poisonous to humans and animals, and having maize, guinea corn, millet and rice as candidate crops. Reports on some regulated mycotoxins such as aflatoxins, fumonisins, ochratoxin, zearalenone, and some emerging ones like moniliformin and citrinin are highlighted, with Aspergillus, Fusarium, Penicillium and Alternaria as major producers. Although high-level occurrence in cereals in Nigeria have been documented, risk assessment estimates for consumers have only been done on the major mycotoxins with more focus on individual toxins. This review represents a synthesis from a recent data collected on mycotoxin contamination of some of the grains consumed as major staples in Nigeria, and the possible health effect on consumers through the analysis of the risk assessment estimates. It also touches on the possibility of guiding government policy on international trade.