It was a miserable first start for United States international striker Balogun who left Arsenal for Monaco in the summer on a 30-million-euro transfer.
He had penalties saved by Nice goalkeeper Marcin Bulka in the 12th and 54th minutes.
His first effort, awarded when Jordan Lotomba brought down Aleksandr Golovin, was tame.
His second spot-kick, which came after Morgan Sanson was penalised for a foul on Takumi Minamino, was again saved by the Polish goalkeeper.
“He was unlucky. He is frustrated,” said Monaco coach Adi Hutter.
“We’re going to help him bounce back — we win together and we lose together.”
Farioli admitted, “We were very lucky. It’s very rare to win after having conceded two penalties that were then saved.”
Balogun, who had scored off the bench in last week’s 2-2 draw with Lorient, was eventually replaced by Wissam Ben Yedder, a penalty-taking specialist.
“I’m not going to justify myself every time Ben Yedder or Balogun plays. Balogun was very good on the pitch in the game tonight,” added Hutter.