The 10-time African champions slipped from 36th following a disappointing run of results, including a quarter-final exit at the 2026 Women's Africa Cup of Nations.
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Defeats to Malawi and Cameroon compounded their struggles before a 2-1 loss to South Africa in the 2027 Women's World Cup play-offs.
However, the Super Falcons bounced back with consecutive victories over Comoros in the qualifiers for the 2028 Olympic Games.
South Africa remain Africa's second-highest-ranked side, followed by Morocco, Ghana and Zambia.
Meanwhile, Spain continue to lead the global standings, ahead of the United States, Germany, England and Japan.