The Super Eagles have dropped three places and are now ranked 32nd in the world in the latest FIFA Rankings released on Wednesday by the world football body.
They also lost their position as the third-ranked team in Africa to Algeria, dropping to fourth position.
The Eagles had earlier been ranked 29th in the September rankings, which was released after a six-month break, due to COVID-19.
The top five nations remain unchanged with Belgium, France, Brazil, England and Portugal ranking first, second, third, fourth and fifth respectively.
Senegal are still the highest ranked team in Africa, dropping one place to 21st, while Tunisia are second, unchanged at 26.
Algeria moved up five places to the 30th position to be ranked third in Africa, while Morocco are now ranked 39th position in the world and fifth in Africa, after moving up four places in the world ranking.