diff --git a/CHANGES b/CHANGES
index f518711c6a..311a74a2cb 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,4 +1,10 @@
-===== dev =====
+===== 5.4.1 =====
+
+====== Bugfixes ======
+
+  * Fix Lwt_fmt.stderr to actually point to stderr (#852, #850, Volker Diels-Grabsch).
+
+
 
 ===== 5.4.0 (2020-12-16) =====
 
diff --git a/src/unix/lwt_fmt.ml b/src/unix/lwt_fmt.ml
index 03af288842..804027bba6 100644
--- a/src/unix/lwt_fmt.ml
+++ b/src/unix/lwt_fmt.ml
@@ -76,7 +76,7 @@ let ifprintf ppft fmt =
   ikfprintf (fun _ t -> t) ppft fmt
 
 let stdout = of_channel Lwt_io.stdout
-let stderr = of_channel Lwt_io.stdout
+let stderr = of_channel Lwt_io.stderr
 
 let printf fmt = fprintf stdout fmt
 let eprintf fmt = fprintf stderr fmt