I am assuming you are referring to nitrite, technically written as NO-2 [NO2 is technically nitrogen dioxide] as most of us tend to ignore the minus sign.
Fish readily absorb nitrIte from the water and it combines with the hemoglobin in their blood, forming methaemoglobin. As a consequence, the blood cannot transport oxygen as easily and this can become fatal. At 0.25 ppm nitrite begins to affect fish after a short period; at 0.5 ppm it becomes dangerous; and at 1.0 ppm it is often fatal.
Nitrite should never test above zero in any aquarium with fish. Even a short exposure to nitrite can have permanent and irreversible detrimental effects on fish.
Byron.