A compressed gas dryer is provided with a drying zone and a regeneration zone, and a drum rotatable in the housing containing a drying agent that is transferred successively through the drying zone and the regeneration zone, whereby said regeneration zone comprises a first subzone having a first inlet to supply a first regeneration gas flow, and a second subzone having a second inlet to supply a second regeneration gas flow of which the relative humidity is lower compared to that of the first regeneration gas flow; and that an outlet of said drying zone is connected via a connection conduit to the second inlet of the second subzone.