What is a safe way to power arduino nano with 7.4V Lipo battery?
Connect it via the Vin pin. That way the 6-8.4 volt of the battery will go through the voltage regulator on the Nano, giving you a stable 5v.

What you show in your diagram is the wrong way of connecting the battery. The absolute maximum you can supply to the Arduino's 5V pin is 6 Volt. Atmel recommends no more than 5.5V. So your battery exceeds this when it's full.