The magnetic excitation spectrum of the unconventional ferromagnet CeRh$_{3}$B$_{2}$ was measured by inelastic neutron scattering on single crystal sample in the magnetically ordered and paramagnetic phases. The spin-wave excitation spectrum evidences high exchange interaction along the c-axis about two orders of magnitude higher than the ones in the basal plane of the hexagonal structure. Both strong out of plane and small in plane anisotropies are found. This latter point confirms that considering the $J$=5/2 multiplet alone is not adequate for describing the ground state of CeRh$_{3}$B$_{2}$. Quasielastic scattering measured above $T_{Curie}$ is also strongly anisotropic between the basal plane and the c-axis and suggests localized magnetism.