Hiya
Sounds like your cycle has stumbled for some reason - has the tank pH changed dramatically? Did the filters fail for a period of time? Is the tank well-oxygenated? Any big temperature swings? Anything rotting under the substrate or inside a hollow ornament? Did you (or someone lese in the house!) overfeed recently? Add any new fish recently, or treat with any medications, even salt?
Nitrites only become problematic over 1.0 - as long as you keep them below this level your fish will be fine. Adding salt to a .2% solution will also help reduce the effects of the nitrites.
It doesn't usually take long for filter bacteria to recover from a stumble - you should see the nitrites going back down within a week, as long as all is well in the tank.
I have not heard of dissolved oxygen turning nitrates back into nitrites (and from a chemistry perspective it doesn't sound very likely, to be honest).
HTH.