  We present a $0.8-2.5\,\mu$m spectrum of the Very Late Thermal Pulse object
V4334 Sgr (Sakurai's Object), obtained in 2020 September. The spectrum displays
a continuum that rises strongly to longer wavelengths, and is considerably
brighter than the most recent published spectrum obtained seven years earlier.
At the longer wavelengths the continuum is well fitted by a blackbody with a
temperature of $624\pm8$ K. However, there is excess continuum at the shortest
wavelengths that we interpret as being due to hot dust that has very recently
formed in an environment with C/O $\simeq2.5$. Other possible sources for this
excess continuum are discussed - such as the stellar photosphere dimly seen
through the dust shell, and light scattered off the inner wall of the dust
torus - but these interpretations seem unlikely. Numerous emission lines are
present, including those of HeI, CI, [CI], and OI. Our observations confirm
that emission in the HeI 1.083$\,\mu$m and [CI] 0.9827/0.9852$\,\mu$m lines is
spatially extended. The [CI] line fluxes suggest that the electron density
increased by an order of magnitude between 2013 and 2020, and that these two
lines may soon disappear from the spectrum. The flux ratio of the 1.083$\,\mu$m
and 2.058$\,\mu$m HeI lines is consistent with the previously-assumed
interstellar extinction. The stellar photosphere remains elusive, and the
central star may not be as hot as suggested by current evolutionary models.
