Folders cannot be moved, but the contents in the Folders can be moved to new Folders and Subfolders. If you find you need to move a Folder, use the below workaround.
Create new Folders or Subfolders in the Library and move the content from the old Folders to the new Folders. You can move content by selecting the checkboxes next to the Documents/Files that you want to move and clicking the Actions button > Move.
Library - List View
Select the new Folder or Subfolder that you want to move the content to from the dropdown menu and click Move.
Move Documents Window