بسم الله الرحمن الرحيم
The basis for applying زعفران (Zaʿfarān, Spanish Saffron) or other perfumes on the child’s head after shaving it on the day of ʿAqīqah is found (in ḥadīth).
Buraidah رضي الله عنه said: ‘During Jāhiliyyah (pre-Islamic era), if a boy was born to one of us, we sacrificed a sheep and smeared his head with its blood. When Allāh brought Islām, we would sacrifice a sheep, and we would shave his head, and smear saffron on it.” (Collected by Abū Dāwūd hadith: 2843, Mishkātul Masābih maʿ Mirqāt 8/82)
Kitābul Masāil Vol.2 Pg.343