  We have investigated the spin-wave spectrum of copper metaborate,
CuB$_2$O$_4$, by means of inelastic neutron scattering in the commensurate
magnetic phase. We have found two branches of spin-wave excitations associated
with the two magnetic sublattices Cu(A) and Cu(B), respectively. In the
temperature regime $10K \le T \le 21K$, where only the Cu(A) magnetic moments
are ordered, the interaction between the two sublattices is found to be
negligible. With this approximation we have determined the `easy plane'
exchange parameters of the Cu(A) subsystem within standard spin-wave theory.
