Dear Kyle,
You were right, the layout parameter was not correct in the avatar field,i corrected it and now the display of the Avatar is fixed, however, the display of avatar thumbnail on the CBlogin module is still picking up from the localhost. This is what i have in layout of the avatar field :-
[cb:if avatar!~"/(nophoto_n|tnnophoto_n)\.png$/"][value][/cb:if]
[cb:if avatar=~"/(nophoto_n|tnnophoto_n)\.png$/" and cb_gender="Female"]<img src="http://.com/components/com_comprofiler/plugin/templates/default/images/avatar/nophoto_f.png" alt="Female" class="cbImgPict cbFullPict img-thumbnail" />[/cb:if]
[cb:if avatar=~"/(nophoto_n|tnnophoto_n)\.png$/" and cb_gender="Male"]<img src="http://.com/components/com_comprofiler/plugin/templates/default/images/avatar/nophoto_m.png" alt="Male" class="cbImgPict cbFullPict img-thumbnail" />[/cb:if]