Lloyd, 21, arrived at the Lookers Vauxhall Stadium back in November on loan from Sky Bet League One side Port Vale – and has impressed in midfield.
Chester boss Steve Burr said: “We spoke to Port Vale and they were happy for him to stay until the end of the season.
“Ryan actually picked up a rib injury – but he has done really well since he arrived and he gives us great balance in left midfield – he’s got good energy.”