Grease and flour a 9 inch x 5 inch standard size loaf pan. Shake out loose flour.
Sift together the all purpose flour, baking powder, salt and freshly ground nutmeg in a medium size bowl. Set aside.
In a separate large bowl or the bowl of a stand mixer with the paddle attachment, cream the softened butter and sugar together till fluffy. Beat in the eggs, one at a time. Add in the vanilla extract and eggnog. Mix till well combined.
Add the dry ingredients. Blend till just combined. Do not over mix. This will result in a tough cake.
Pour the batter into the prepared loaf pan.
Bake at 350° F for 50 minutes. Check cake for doneness by inserting a toothpick. Cake is ready when toothpick comes out with a few crumbs. If necessary, continue baking in 5 minutes increments till done.
Allow the cake to cool in the pan for ten minutes. Then turn out onto a wire rack to cool completely.
Glaze
In a small bowl, mix powdered sugar and eggnog. Stir till there are no lumps. Spoon the glaze over the completely cooled cake. Allow the glaze to dry before cutting the cake.