| The bump sounds like what is called Hypertrophic scarring. It is caused by irritation to the piercing. Nose piercings are very prone to this type of scarring. The causes of the irritation can include overcleaning, overusing salt water, playing with it too much, changing jewelry too often, etc.
You can get rid of it by simply taking care of it properly. Since it is a month old, clean it once a day with antibacterial (Dial) soap; not more than once a day. If you are using salt water, I would recommend not to use it anymore. Salt water is very irritating and drying to the piercing and the skin around it. It can cause redness, itchiness and peeling. If you still want to use it, do not use it more than once a day. Do not touch the piercing unless it is to clean it, and when you clean it, always make sure your hands are washed first. Dirty hands spread bacteria. Pick one piece of jewelry, and stick with it. The more you touch the piercing, and the more you change the jewelry, the more irritated it is going to get. The best jewelry for nose piercings are surgical steel or hypoallergenic gold.
The jewelry that you are describing sounds like a nose bone. Nose bones are known for causing trouble. If I were you, I would buy a nose screw. They do not fall out as easily as a nose bone. When nose bones fall out, they can stretch the hole, causing scarring when the piercing closes up. The excessive falling out can also be a cause for the irritation. | 
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