The basic description of narrow-band sensor output is that they are only accurate for exhaust gas mixtures from a stoichiometric burn (~14.7:1 A/F). In rich & lean conditions, there isn't a good way to pull exact A/F ratios because the exhaust gas temperature is not accounted for, which makes a difference. Hence, they can only be accurate for a very narrow range of A/F ratios. Wide-band sensors do account for temperature, allowing them to accurately read a wider range of A/F ratios.