It may be Granuloma Annular, Google image it. I had it when I was in my twenties. I found some information on the condition below...
Granuloma annulare is a common skin condition with raised, flesh-colored bumps that appear in a ring. It may occur on any part of the body (though most commonly on the sides or backs of the hands or feet). The bumps may be red at the beginning, but this disappears as the ring forms. There is no itching or scaling. The rings vary in size from about 1/4 inch to 2 inches in diameter.
No one knows for certain what causes granuloma annulare. It is not an infection. I believe it is probably a slow hypersensitivity reaction that some individuals develop to different types of minor trauma. It may, however, be related somehow to diabetes or thyroidism. Most children with granuloma annulare are healthy and don't go on to develop diabetes, but diabetes does occur more commonly in people who form these rings than in those who don't.
Granuloma annulare usually disappears spontaneously within several months of appearing (though it can take years). In almost half of cases the ring comes back for a while, usually at the original site. Sometimes localized lesions may respond to topical steroid ointments. Some physicians recommend treating this condition with steroid injections, or even stronger medications. Since the ring is usually not bothersome, and usually disappears on its own, I do not routinely recommend treatment. Often these rings will disappear following a small injection of sterile saline, so if treatment is chosen, I would consider this simple, safe method.
I was not injected with saline but Kenalog. He, the doctor, injected small amounts just under the skin of the affected area. It didn't hurt and within a few days they went away and haven't been back since. That was twenty years ago. I also have developed hypothyroidism and am tested regularly for diabetes so there is a link there.
I hope this helps.