You can change a description to a folder name, but it's not obvious how to change the description later.
To change the folder description, go to the view of the folder. Click on the folder. You'll see the folder name at the top of the window above "Share", "Move to", "Delete", Rename", etc. Point to the folder name and click. A text box appears (you can change the name of the folder here) and below the text box, you'll see where you can add or change the folder description.
