Nigeria now occupies 32nd position in the FIFA rankings, which was published on Thursday on the website of the world football governing body.
In August, Gernot Rohr’s men were rated the 29th best team in the world.
However, they have fallen three places following results in the October international fixtures.
The Super Eagles lost 1-0 to Algeria, before drawing 1-1 with Tunisia.
The three-time African champions are now fourth in Africa behind Senegal, who accrued 1549 points, Tunisia  and reigning African champions, the Desert Foxes who garnered 1488 points.
Belgium, France, Brazil, England and Portugal occupy the top five positions in the world.
The next FIFA World Rankings will be published on November 26, 2020.