Wideband can accurately read air to fuel ratios across, well, a wide band of ratios. Lol. Like from the 7:1s up to 30:1
Narrowband sensors can only accurately read from about 14.2:1 to 15.5:1.
Narrowband sensors are used by the ECM to "oscillate" the fuel mixture between about 14.2 to 15.5 during closed loop operation. The catalytic converter - also known as a "three way catalyst" is most efficient at removing HC emissions at the 15.5 mixture and is most efficient at removing NOx emissions at the 14.2 mixture.
Narrowbands are not incredibly useful for performance tuning since high power output fuel ratios are less than 14.2.
However, it is possible to *approximate* the air to fuel ratio outside the 14.2 - 15.5 range by studying narrowband voltage trends but it is not incredibly accurate - it can only tell you if your mixture is way off.
Hence, a wideband is required for accurate tuning for high power situations.