This new feature allows you to target audience based on one or more specific geo-locations. This feature is also known as "Geofencing".
How To Do Geo-Targeting?
You can apply this setting at the ad group level across Facebook, Search and Display channels.
1. Under the Campaigns menu, select one campaign and click on the ad group to which you wish to apply geo-targeting.
The geo-targeting feature is available under Geography as one of the different targeting options available during the ad group setup.
2. Input latitude/longitude, street address, postal code, city or country you wish to target.
3. Adjust the radius. The maximum radius is 100km.
Radius is not supported for selected locations.