Preheat oven to 350°F Grease three 5 1/2 x 3 inch mini-loaf pans.
Combine flour, sugar, baking powder and nutmeg in large bowl.
Stir eggnog, melted butter, eggs and vanilla in medium bowl until well blended.
Add eggnog mixture to flour mixture.
Mix just until all ingredients are moistened.
Stir in pecans and cherries.
Spoon into prepared pans.
Bake 35 to 40 minutes or until wooden toothpick inserted in centers comes out clean.
Cool in pans 15 minutes.
Remove from pans and cool completely on wire rack.
Store tightly wrapped in plastic wrap at room temperature.