It's important to first note that not all coconut oils you can purchase are made the same. Unrefined or extra-virgin coconut oil is the most natural form and contains all of its natural goodness. Refined coconut oil is made from coconut flakes and is bleached. This process causes it to lose some of its health benefits.
Coconut oil makes a great moisturizer for both baby and mom! In fact, since I've been using coconut oil on my face as a cleanser/moisturizer once a day, dry flaky skin on my face from this cold winter has just about disappeared.