Red bumps on nipples fallowed by dry peeling skin?

Hey I am 17 almost 18 and I had the whole nipple problem.
For me they had red bumps and were really itchy and pealed.
What I recommend is at first apply lotion to them.
Your bra can cause chaffing.
Second WASH ALL YOUR BRAS! Machine and handwash, or handwash a couple times in a row!
If don't wash your breasts or bras properly it will agitate your skin even cause a fungal infection like Di mentioned it could me.

You might want to take a home pregnancy test.

To treat peeling skin, you can consult at: Home remedies for peeling skin