New spectroscopic observations of Nova Cygni 1992 (V1974 Cyg) carried out in 1994-95 have shown a progressive decrease of the ionization level, made evident by the fading or disappearance of the emission lines of [Ne V], [Ne III], [Fe VII], [Fe VI] and [O III], which were outstanding in the 1992-93 spectra. An echelle spectrum obtained at Asiago in October 1995 clearly shows the complexity of the velocity field of the nova.