It's a very common and versatile phrase that can be used in various contexts, depending on the tone and other words used in the sentence.
Here are some examples:
* Mo fẹ́ràn rẹ̀. (Mo feran re) - I love you (romantic)
* Mo fẹ́ràn oúnjẹ́ yìí. (Mo feran ounje yi) - I like this food.
* Mo fẹ́ràn àwọn àwòrán rẹ̀. (Mo feran awon aworan re) - I like your pictures.
* Mo fẹ́ràn ìwé. (Mo feran iwe) - I love books.
Note: The "ẹ" in "fẹ́ràn" is a high tone, so it's pronounced "feh-ran".