English for Today by Ganiu Abisoye Bamgbose (GAB)
MISPLACEMENT OF “ONLY”
Special care is needed with _only_. Its correct grammatical position is next to, preferably before, the word it qualifies.
Only he borrowed twenty thousand naira (i.e, he, and no one else, borrowed).
He only borrowed twenty thousand naira (i.e, he did not seek the money as a gift, but merely borrowed it).
He borrowed only twenty thousand naira (i.e, he borrowed twenty thousand, and no more).
But if there is no ambiguity, only may be allowed to take what is felt to be its natural place in the sentence. Thus you may say:
She only sang one song.
which sounds more natural than the strictly correct:
She sang only one song.
GAB

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