Why can I not update my LG G5 from Android 6 (Marshmallow) to Android 7 (Nougat)

I recently bought a second hand LG G5. After setting it up, I navigated to the update section in settings to update to the latest version of Android but it says I am already on the latest version. The current version is 6.0.1. As far as I know Android 7 is available for the LG G5 so why will it not allow me to update to that version?

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