Coconut oil can slow the loss of moisture in your hair, which is an effect similar to moisturization. That's a direct quote from a scientific article I found on my college's database.
I'm wearing my hair in a roller set right now. When it starts to feel dry, I smooth coconut oil to the ends and length. It brings some life back to my hair.
Coconut oil is just that, an oil. A moisturizer is water or water based. You would put in the water or water based product (ie. moisture ) then seal that with a butter or oil. Oil doesn't provide moisture, by nature it repels it, BUT when used over water or a water based product, it seals in the moisture. Hope that helps. I know there are threads about this, but I didn't search.
When I first started my HHJ, I got caught up in marketing. Many oil based products were (and still are) listed as moisturizers when in fact they are sealants. I consider coconut oil a sealant for the reasons mentioned by ajargon02.
I like it, but I found I have to use it sparingly. This is because it can start to act like a protein, especially if your hair is free of chemicals. Peace
I use it to moisturize when I actually have a hairdo that I do not want to get wet. It still feels supple, unlike when I use hair grease. I coconut oil.