The itching is probably caused by dry skin. If it continues you should have it checked by a dematologist. In the meantime, you can alleviate the dry skin and itching problem with emollients such as cocoa butter, olive or almond oil, or some other neutral oil or lotion with no potentially irritating additives.
As a woman I often get the same irritation on or around my nipple. From my experience there are two things that could cause this, both easily cured. One could be the material of your bra around your nipple. The nipple is more sensitive. The second is simply dry skin, which can be alleviated by better washing and moisturizer.