I developed a small abrasion on my penis from friction and have been using aquaphor to help with healing. is it necessary to cover it with a bandaid or any covering or is uncovered best for healing?

Since there's no ulceration I would hope to avoid using a bandaid here. Instead I'd protect the abrasion with an application of antibacterial ointment and with a white cotton object placed in my underwear as padding if possible.

Would also consider a dab of zinc oxide ( Desitin) as it acts as a barrier and has antibacterial properties. It works very well on diaper rash which can affect the penis and be abrading as well.