First of all, install nvm using brew. Give following command:
brew install nvm
Now you have to make NVM available in you bash profile using following command:

source $(brew --prefix nvm)/

When NVM is installed, you can install latest version of Nodejs using following command:

nvm install node

Note: this command will install latest stable version of NodeJS. To see all available nodejs versions, you can use this command:

nvm ls-remote

You can also install version specific node using following command: (here we are install node v16)

nvm install 16

Now you can see all your installed nodejs versions using this command: nvm ls

Select your desired local version of nodejs using this:

nvm use 16