"friends only"
I assume this phrase is by itself in a separate sentence, not buried in another one.
Then you can say one of these.
- 친구만 받아요 / 팔로워만 받습니다 = I only accept friends [followers].
(pick whichever is more common at Instragram, "friend"(친구) or "follower"(팔로워))다.
- 친구 [팔로워] 외에는 사절입니다 = I decline anyone who is not a friend/follower.
(사절입니다 or 사절합니다 = I decline/reject)