A statement on Fifa's official website declared: "Fifa has noted that the court proceedings and order preventing the president of the NFF, the NFF Executive Committee members and the NFF Congress from running the affairs of Nigerian football that prompted the suspension have been withdrawn.
"As statutory order has been reinstated at the NFF and the legitimate bodies reinstalled, Fifa has decided to lift the suspension as of [Friday].
"The lifting of the suspension means that all rights of the NFF as a Fifa member as defined in article 12 of the Fifa Statutes are reinstated."
In its reaction, the NFF said that it will begin "arrangements to ensure that the Under-20s women's national team, Falconets, travel to Moncton, Canada next week for a final training camp ahead of the Under-20s Women's World Cup taking place in the same country, and for the Under-17s boys to fly to Democratic Republic of Congo for a 2015 African Under-17s Championship qualifier on Sunday, July 27."
Nigeria reached the last 16 of the World Cup in Brazil this summer but were knocked out after a 2-0 loss to France.