The Super Eagles' points dropped to 1498.93 from their previous tally of 1520.27.
In the latest FIFA rankings released on Thursday, Nigeria's national football team dropped to the 38th position globally.
Argentina maintained its top global ranking, followed by France and Belgium in second and third positions respectively. Brazil advanced past England to secure fourth place in the global rankings.
The Super Eagles' points dropped to 1498.93 from their previous tally of 1520.27.
According to FIFA's latest list published on Thursday, the three-time African champions dropped eight places in the world ranking to become the fifth-best team on the African continent.
However, Morocco and Senegal retained their positions as the top African teams, with Egypt and Cote d’Ivoire climbing to third and fourth places respectively, on the continent.
Nigeria's drop was not unexpected following their two disappointing performances in the latest international matches.
The Super Eagles first drew 1-1 against South Africa in their World Cup qualifying match at the Godswill Akpabio Stadium in Uyo, and then endured an embarrassing 2-1 defeat to Benin just a few days later.
