A nurse discovers that a medication error was made, administering the wrong drug to a patient. Considering the ethical principle of veracity, what is the most appropriate first action the nurse should take?

Document the error in the medical record but do not notify the patient unless asked directly.

Report the error only to the healthcare provider and supervisor without informing the patient to avoid causing distress.

Wait to see if the patient experiences any adverse reactions before disclosing the error.

Immediately inform the patient about the error and explain potential consequences and next steps.