Does nofollow link helps in ranking or not?

No follow links do not help in keyword ranking as these links are never crawled and indexed by search engines. They are useful to redirect traffic from various external webpages to your website.
 
Yes, Nofollow links helps in rank improvement. Many people run after Do-Follow links and ignore No-follow links thinking theses will be of No Use for SEO.

The benefits of No-Follow Links are:

They passes Link juices.
Links build awareness and make the user spend more time on our website.
Leads more referral traffic.
Increases more leads.
If one link from another site leads to your blog and internal links to another blogs in your site which increases users engagement.
Increases Google rankings.
 
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