All About Miconazole Nitrate. Miconazole Nitrate is an antifungal agent that is used to treat yeast infections, oral thrush in babies, athlete’s foot, ringworms, jock itch, and angular chelitis-basically it is used topically and orally on any moist area where fungus or yeast tends to grow.y Toni Parker of Cush Cosmetics. While perusing YouTube, I recently discovered many videos featuring women using miconazole nitrate, to grow their hair. Miconazole nitrate is the active ingredient in the Monistat family of products that are used to treat vaginal yeast infections.