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The restructuring exercises undertaken by banks in Awka metropolis, in particular, have negatively influenced the psychological well-being of their workers. The broad objective of the study is to investigate the relationship between psychological contract and employee retention in commercial banks in Awka metropolis. The specific objectives seek to explore the relationship that exists between relational psychological contract and employee loyalty among employees. The study adopted a descriptive survey design method to explore the relationship between two variables. Primary data were sourced using a structured questionnaire. The population of the study comprised of employees of five selected banks in Awka metropolis: First Bank Nig (FBN), Union Bank (UBN), First City Monument Bank (FCMB), Guaranty Trust Bank (GT Bank) and Fidelity Bank Plc. Primary data were obtained from a population of 187. The probability (stratified) random sampling method was employed in data collection. Copies of the questionnaire were sent to the participants using five points Likert scale. The hypothesis was tested and analyzed using descriptive statistics and correlation to establish the relationship between the independent variable and the dependent variables. Findings revealed that relational psychological contract had a significant positive relationship with employee loyalty. The study recommends the followings: Banks should ensure that the psychological make-up of their staff is taken into consideration when planning their retention strategies; Managers and employers in the financial industry should pay more attention to relational psychological …