In Maori lore Whanganui means "the long wait" and is associated with the Kupe history, when he explored the interior and left a contingent at the estuary.
The board considered the proposal and supporting information, including the results of the district council's online consultation with the community, when it met on Wednesday.
"We agreed to notify the proposal for consultation to give the public a chance to have their say on the proposed change," Mr Dyer said.
Depending on whether the NZGB upholds or rejects objecting submissions, a recommendation may then be made to the Minister for Land Information to make the final decision.
If that step is reached then the Minister will recommend to the Governor-General to change the local authority name under the Local Government Act 2002. This will allow the council to change its name.
The board is expected to announce shortly when the three-month public consultation will begin.
In December 2013 the Tupoho Working Party, which includes representatives from Tupoho and the council, asked for the name change.
Council filed its formal proposal with the NZGB in February but not before taking two votes to get to that stage.
On December 2, a motion was lost 7-6 and it prompted local iwi to suggest they might withdraw from partnerships with council. Later that month a second vote was held and this time the motion to change the name of the district to Whanganui was passed 10-3.
Its decision went out for public consultation in January and within about a month had received close to 2000 submissions and the bulk of them lodged on line.
Wanganui Mayor Annette Main welcomed the announcement.
Ms Main said that since the name of the urban area of the district was gazetted with two spellings in December 2009, the use of Whanganui has increased by individuals, businesses and organisations, which is an indication that relationships and times have changed.
"The council itself has seen increased use of Whanganui by our partner organisations, such as Safer Whanganui, Whanganui Digital Leaders Forum and Whanganui & Partners," she said.