Two regions of the V354 Mon spectrum (black line) obtained at a photometric maximum on March 12, superimposed on the standard star spectrum (red line), corrected for its radial velocity and rotationally broadened to the V354 Mon value. The photospheric absorptions in the spectrum of both stars agree well, indicating that there is no measurable veiling in the spectrum of V354 Mon. In the top plot, which represents the Hα region, we observe the nebular contribution to this line in the V354 Mon spectrum and the photospheric contribution to Hα in the standard spectrum.