Moussa Sow first scored for Senegal in the second half, before Iheanacho equalised from the spot to make the score 1-1.
The Senegalese started the game the brighter side with Dame N'Doye hitting the post.
Nigeria got their first attempt to attack the Senegalese as Moses Simon made a run from the left-hand side only for his cross to go behind Iheanacho.
In the 20th minute, Super Eagles captain of the day, Ogenyi Onazi received a kick to his back which required him to received treatment for a few minutes before he was stretched away from the game.
John Ogu was in for the injured Onazi and lifted the performances of the Super Eagles.
Iheanacho could have given the Super Eagles the lead but missed two good chances midway into the first half.
In the 47th minute, the Manchester City man got the ball at the edge of the box and with the goal at his mercy, scuffed his shot across.
A few minutes later, he missed a sitter after good work from Alex Iwobi and Simon.
Senegal resumed the second half like they started the first half and were rewarded with a goal from Sow.
The striker capitalised on a defensive error to score Senegal’s goal.
Senegal continued to ask questions of the Super Eagles with Idrissa Gueye wasting a good chance to make it 2-0 for Senegal as he chips a left-footed effort wide.
Super Eagles boss Gernot Rohr made some changes thereafter, bringing Ogenekaro Etebo and debutant, Isaac Success for Iwobi and Moses respectively.
Etebo made an instant impression, breaking away to release Iheanacho whose effort was parried.
Success also became very lively after coming on and was difficult to handle by the Senegalese.
Nigeria finally got their equaliser in the 82nd minute through a penalty that was given after the Senegalese goalkeeper brought down Iheanacho.
The striker picked himself up to net the equaliser, his 5th goal in his last 6 appearances for the Super Eagles.
Iheanacho had a chance to set up the winner for the Super Eagles but the striker chose to strike his shot wide with Success free on goal and waiting for a pass.