Iron will dissolve first, nickel second, but I bet conditions are selected in such a way there are both dissolving at the same time. Controlling the reduction potential you can selectively deposit nickel, leaving iron in the solution.
Note that you can't dissolve iron selectively, no matter what. Once you dissolve iron that is in contact with the solution you are left with a nickel on the surface and the solution has no access to the iron in the bulk of the electrode.