Facebook has introduced “Find Friends Nearby” which enables you to find friends and potential friends nearby.Name of the feature earlier was ‘Friendshake’ and was developed by Hackathon.
Facebook Engineer Ryan Patterson responded to comments in TechCrunch-
I built Find Friends Nearby with another engineer for a hackathon project. While it was originally called ‘Friendshake’, we settled on ‘Find Friends Nearby’ for launch (the URL was a little bit of a homage to the previous iteration).
For me, the ideal use case for this product is the one where when you’re out with a group of people whom you’ve recently met and want to stay in contact with. Facebook search might be effective, or sharing your vanity addresses or business cards, but this tool provides a really easy way to exchange contact information with multiple people with minimal friction.

How to Use ‘Find Friends Nearby’
Find Friends Nearby can be accessed from your Android or iOS device by going to Menu >> Apps >> Find friends >> Other tools >> Find Friends Nearby.
You can also access the feature by going to the URL http://fb.com/ffn
You can find your friends nearby by using this feature, since many users might not be aware of this feature so it is unlikely that will find anyone near you.