The Super Eagles, who were ranked 34th in the World in the ranking released in September, dropped 14 points to 36th.
The Eagles’ drop in the rankings was largely due to their 1-0 home defeat to Central African Republic in their 2022 World Cup qualifier earlier this month.
Gernot Rohr’s men would go on to beat CAR 2-0 in the reverse fixture of their doubleheader, but it was not enough to prevent them from dropping in the rankings.
However, the three-time African champions are still the fifth-ranked team in Africa, with Senegal also retaining their number one spot on the continent and 20th in the world.
They are followed by second-place Tunisia, who also dropped one place in the world to 27th.
Morocco moved above African champions Algeria into third place, while Nigeria complete the top five places in Africa.
Meanwhile, Belgium remain the number one ranked side despite losing two matches in the UEFA Nations League.
Brazil are second, with France moving ahead of England into third position.
Italy also moved up one spot into fourth place, while The Three Lions round up the top five spots.
Nigeria drops two spots in latest FIFA rankings