Nigeria have slipped four places to 41st in the latest Fifa world rankings, released on Thursday.
The African champions are placed seventh on the continent, behind Cote d’Ivoire, Ghana, Algeria, Egypt, Cape Verde Islands and Mali.
Globally, there is no change in the top 25 teams, with Spain still leading the way, followed by Germany, Argentina, Colombia and Portugal. World Cup hosts Brazil are 10th.
The Super Eagles played two matches in the last ranking window, beating Ethiopia 2-1 before losing 2-1 to Mali in their African Nations Championship (Chan) opener on January 1.
Stephen Keshi’s men defeated Mozambique 4-2 in their last match, and next face tournament hosts South Africa on Sunday.
Chan is an event reserved for footballers plying their trade in the country of their birth.