Raman and infrared spectroscopies are used as local probes to study the dynamics of the Nd-O bonds in the weakly multiferroic NdMn2O5 system. The temperature dependence of selected Raman excitations reveals the splitting of the Nd-O bonds in NdMn2O5. The Nd3+ ion crystal field (CF) excitations in NdMn2O5 single crystals are studied by infrared transmission as a function of temperature, in the 1800-8000 cm-1 range, and under an applied magnetic field up to 11 T. The frequencies of all 4Ij crystal-field levels of Nd3+ are determined. We find that the degeneracy of the ground-state Kramers doublet is lifted (Δ0 ~7.5 cm-1) due to the Nd3+-Mn3+ interaction in the ferroelectric phase, below TC ~ 28 K. The Nd3+ magnetic moment mNd(T) and its contribution to the magnetic susceptibility and the specific heat are evaluated from Δ0(T) indicating that the Nd3+ ions are involved in the magnetic and the ferroelectric ordering observed below ~ 28 K. The Zeeman splitting of the excited crystal field levels of the Nd3+ ions at low temperature is also analyzed.