We report on a comprehensive investigation of the magnetic properties of [NdCo(bpdo)(H2O)4(CN)6]⋅3H2O (bpdo=4, 4'-bipyridine-N,N'-dioxide) by use of electron paramagnetic resonance, magnetization, specific heat and susceptibility measurements. The studied material was identified as a magnet with an effective spin S = 1/2 and a weak exchange interaction J/kB = 25 mK. The ac susceptibility studies conducted at audio frequencies and at temperatures from 1.8 to 9 K revealed that the application of a static magnetic field induces a slow spin relaxation. It is suggested that the relaxation in the magnetic field appears due to an Orbach-like process between the two lowest doublet energy states of the magnetic Nd(3+) ion. The appearance of the slow relaxation in a magnetic field cannot be associated with a resonant phonon trapping. The obtained results suggest that the relaxation is influenced by nuclear spin driven quantum tunnelling which is suppressed by external magnetic field.