Hello Navck,
I think you better review the information on the Nano charger. A Li-Ion charger that regularly charges to 4.5 volts would result in a rapid venting condition which can be accompanied by flame. I have not heard of anyone catching their wall on fire...
If you have a Nano charger, the first thing you should do is plug it in and measure the voltage across it. Mine comes in at 4.224 volts. That indicates that if there is no internal resistance in the battery, the maximum voltage the battery can come to is 4.224 volts. Since most batteries have some internal resistance, they will come off the charger a bit lower.
The next thing to notice is that the charger charges at 450 mA. This tells me that if you have a 450 mAh Li-Ion battery, it will charge in around 1.5 - 2 hours, if the battery is in good condition.
I believe the green light comes on when the charge current levels off. I am not sure what that current value is, but it should be around 45 mA. With a brand new 450 mAh battery, that brings the voltage up to around 4.21 volts, and removing the battery from the charger will see the voltage drop to very close to 4.2 volts.
Dan mentioned that it seems to be taking a long time to charge his battery. It could be that the charger is not operating properly... It could also be that his battery has been damaged.
Li-Ion batteries become damaged by over charging, over discharging, hard use, heat, cycle fatigue, physical damage, and age. It is usually recommended to replace a battery that has fallen to around 80% of its initial capacity. With Li-Ion batteries, this reduction in capacity can present itself by the battery not being able to be fully charged.
It is interesting to read specification sheets. Cycle life testing is usually done at a 5 hour discharge rate and a 0.7C charge rate. When you use these batteries at the maximum current rate, it is not unreasonable to expect the cycle life to be reduced. Given a proper amount of abuse, I have seen a quality battery suffer damage in as little as 5 charge/discharge cycles.
I have not done extensive testing on the Nano charger, but it seems to operate within the proper range of specifications for charging Li-Ion batteries. It may be better to question the condition of the battery being charged...
The major complaint I have with the Nano charger is that it does not fully shut off the charge current. Continuing to apply a small amount of current to a fully charged Li-Ion battery can degrade the battery condition. This compounds itself when your battery does not seem to be fully charging and you leave it on the charger for an extended period of time hoping it will trickle charge to more capacity.
My suggestion is to remove the battery as soon as the green light comes on. If the battery does not deliver the "normal" capacity, or if the green light does not come on in a reasonable amount of time, replace the battery.
Tom