World governing body Fifa issued the ultimatum, reiterating that it does not recognise his election on 26 August.
The ban will only be lifted when the NFF board as it stood on 25 August, with Aminu Maigari as president, are allowed back to their offices to work.
Fresh elections for a new NFF committee must then be held as soon as possible.
The final deadline was decided by Fifa's emergency committee on Wednesday after an initial date of 1 September passed without Giwa stepping aside.
If the ban comes into force on Monday it means the African champions would not be able to play their Africa Cup of Nations qualifier on 10 September in South Africa.
The Confederation of African Football says if the Super Eagles miss that match they would be disqualified from the qualifying campaign.
Nigeria were banned from global football for nine days in July for government interference in the running of the football federation when Maigari was forced out of his post by a court ruling.
After his reinstatement, he was voted out of office by the NFF's executive committee a few days later. However, Fifa did not accept this and Maigari was once again back as president in August.
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