Eguavoen, a former Super Eagles full back, initially stepped down following Nigeria's Round 16 exit at the AFCON in Cameroon, but was rehired to oversee the final playoff round against Ghana.
Nigeria was eliminated due to the away goal rule after drawing 1-1 at home in the return leg, with the first leg in Ghana ending in a stalemate.
He has stated that he will now return to his previous position as the NFF's Technical Director.
Before losing to Ghana, the Super Eagles were hoping to qualify for their fourth consecutive World Cup finals.
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