Coconut oil for hair?

Is coconut oil good for conditioning your hair? I have a jar of it (I bought the most expensive kind I could get at the supermarket) and it is very nice on my skin. Can I do a deep conditioning of my hair with it and have good results? My hair isn't dry as I use good conditioner on it all the time and I only straighten my hair or curl it 2x week. I think it sounds good for my hair.

Advice from the experts?