Does With(NoLock) help with query performance?

Most of the select statements in our stored procedures use WITH(NOLOCK) and I was told by my co-workers that they use it to improve performance. Now, I know that this hint helps with locking but does it actually improve performance? I've read somewhere that we shouldn't use the NOLOCK hints in OLTP databases but I see the opposite being done at my workplace. Could someone shed light on the best practices when it comes to using the NOLOCK hints?