A heat exchanger and a circulating fluidized bed boiler with a heat exchanger including a first fluidized bed heat exchange chamber and a second fluidized bed heat exchange chamber, arranged in connection with a furnace of the circulating fluidized bed boiler, a first inlet channel for introducing hot solids from a particle separator of the external circulation of the circulating fluidized bed boiler into the first heat exchange chamber, a second inlet channel for introducing solids to the second heat exchange chamber, a first discharge for removing a first portion of the cooled solids from the first heat exchange chamber to the second inlet channel and a second discharge for removing cooled solids from the second heat exchange chamber to the furnace, the heat exchange chamber including an inlet for introducing hot solids directly from the internal circulation of the furnace to the second heat exchange chamber. The heat exchanger also preferably includes a third discharge for removing a second portion of the cooled solids from the first heat exchange chamber directly to the furnace.