I will give you a simple answer.
Divide the wire in as many pieces as you can. Each current element will produce an element of magnetic field inside the toroid. All magnetic elements are in the same orientation (it is determined by the right-hand rule. Let's say, for instance, that it is clockwise).
The magnetic field will not be null simply because the currents do not overlay, and the currents do not cancel each other by the same reason (they do not overlay, and this is why there is still a net flow in the wire).
Now I want to make it clearer. Think about a system of two identical balls. They have the same velocity in opposite directions. The net momentum do cancel each other, because the total momentum in this case is proportional to the sum of velocity vectors (which is null). However, the total kinetic energy is not null, since the kinetic energy is proportional to the square of the modulus of the vectors, so that the energy depends on something else. The magnetic field, in the given example, depends not only in the direction of the currents, but also on the position of the element flow (something else).
Now imagine two straight wires with the same current, but in opposite directions. You could only think about cancelling the currents if the wires are near enough to each other so that the influence of the distance between the wires is sufficiently small. If they are not so near each other, even if the net current is null, the effects produced by the currents separately will not be null (for example, the magnetic field).