We report on the design and prototyping of a robust high-speed interferometric multiplexer and interrogator for fiber Bragg grating sensors. The scheme is based on the combination of active WDM channel switching and passive, instantaneous interferometry, allowing the resolution of virgin interferometric interrogators to be retained at MHz multiplexing rates. In this article the system design and operation are described, and a prototype scheme is characterized for three sensors and a multiplexing rate of 4 kHz, demonstrating a noise floor of 10 n and no cross-sensitivity. It is proposed that the system will be applicable to demanding monitoring applications requiring high speed and high resolution measurements across the sensor array.