Rising evidence over the years reveal that reduction in greenhouse gases emission and adaptation to climate change effects have been unable to resolve the issue of climate change impacts, resulting to losses and damages. This has been attributed to natural, technical and economic constraints. In Nigeria, extreme climate events such as precipitation extremes and floods have been increasingly observed resulting in losses and damages in flood-prone communities. This study was aimed at assessing climate change-related losses and damages due to floods among farm households in riverine areas of Southern Nigeria. A multistage sampling procedure was utilized in selecting 240 households within eight riverine communities in Southern Nigeria. A mixed method research approach was used in eliciting responses from the respondents. Data were analyzed using descriptive statistics. The market cost approach was used to value the losses and damages due to climate change. The respondents identified flooding as the major climate change hazard in the study location. The major effects of flooding on the livelihood of the respondents were loss of crops (98.6%), rise in food prices (92.8%) and poor health (75.6%). In response to increased climatic threats, farmers adopted various adaptation measures such as altering inputs such as varieties/species, income diversification and chemical fertilizer and pesticide use. The estimated average monetary value of losses and damages in community infrastructure, employment, personal properties, crops and livestock were $28,409.09, $3095.23, $1583.52, $824.60 and $224.16, respectively. Perceived barriers to the respondents’ taking adaptation actions in response to climate change-related losses and damages are inadequate government support, poor income of the respondents, high cost of transportation to purchase inputs for climate change adaptation and inadequate knowledge/information on climate change adaptation measures. We recommend that early warning mechanisms and alternative livelihood strategies should be promoted in vulnerable areas in order to reduce losses and damages due to climate change.