I buy about two yards of fabric if I want a 36 inch square cover, two and one half yards if I want the cover to be 40 inches square, and enough eyelet to go around the entire wrap. This allows me to double the fabric, enclosing the eyelet around the edges. I baste the eyelet to the right side of one square, raw edges even, with the eyelet turned to the inside so it is caught inside the seam when the second square is placed, right sides together, onto the first square. I sew around the square, following the basting threads, and leave a few inches open for turning right side out, then sew the opening. Rounded corners make for an easier finish.
This wrap is made from double fabric and the edges are enclosed with bias tape. Both of these just happen to be prints suitable for a baby boy.
These make nice shower gifts for a mother-to-be who appreciates home made items.
Hope my instructions made sense; pictures of each step would have been helpful I know.