The Super Eagles of Nigeria slipped down seven spots to 66th in the world in the recent monthly ranking released by FIFA on Thursday.
The three time African Champions are also 14th in Africa and have seen their points dropped from 582 to 541.
The December edition of the FIFA/Coca-Cola World Ranking was dominated by 2018 FIFA World Cup Russia qualifiers.
A first-place finish on the last ranking of the year sees Belgium claim the Team of the Year award for 2015.
The Red Devils jumped into first position (their first-ever) on the FIFA/Coca-Cola World Ranking in the November ranking, but a 3-1 victory over four-time world champion Italy in Brussels on 13 November saw them hold on to the coveted position for the final ranking of 2015.
Meanwhile, Turkey receive the award for Best Mover of the Year thanks to the 329 points they collected over the last 12 months of football.
Having last competed at a major tournament back in 2008, Turkey secured a place at the UEFA EURO 2016 in a campaign that saw them defeat Netherlands, Czech Republic and Iceland during the crucial final stages. Further big movers for 2015 include Hungary (20 places, 313 points) and Nicaragua (92 places, 295 points).
Of the 137 matches taken into account for the latest ranking more than two thirds (92 games) were World Cup qualifiers; eight of the 137 games were playoff matches to determine the final four teams to qualify for EURO 2016, and the remaining 37 matches were international friendlies.
The next FIFA/Coca-Cola World Ranking will be published on 7 January 2016.
Top 10 Countries in the World
1. Belgium (1494 pts)
2. Argentina (1455)
3. Spain (1370)
4. Germany (1347)
5. Chile (1273)
6. Brazil (1251)
7. Portugal (1219)
8. Colombia (1211)
9. England (1106)
10. Austria (1091)
Top 10 Countries is Africa
1. Ivory Coast
4. Cape Verde Islands