Cream butter and sugar together until fluffy.
Add the eggs one at a time, beating each one in well.
Sift flour, baking powder and salt together.
Add flour mixture and eggnog alternately to butter mixture making sure to start and finish with the flour.
Mix in vanilla extract and nutmeg.
Divide batter between two loaf pans that have been greased and floured.
Place pans in a cold oven and set temperature to 350 degrees.
Bake for one hour without opening the door.
Remove from oven and let each cake cool in their pans for 15 minutes.
Remove cakes from pans and set on a wire rack until they are room temperature.
Put powdered sugar in a small bowl.
Stir in eggnog, 1 tbsp at a time until a thin glaze forms.
Pour eggnog glaze over the top of the cake.
Once glaze has set, slice and serve.