A detector receives optical radiation interacted with the measured sheet and is responsive to a predetermined optical absorption band of lignin, a predetermined optical absorption band of dry matter and two or more separate optical bands. The measuring unit measures a lignin dependent value on the basis of attenuation in the absorption band of lignin, and a dry matter dependent value on the basis of attenuation in the absorption band of the dry matter, and determines a general dependence of attenuation with respect to wavelength by measuring attenuations in the separate optical bands. The measuring unit forms a value representing a dry matter content on the basis of the lignin dependent value, the dry matter dependent value and the general dependence of attenuation.