The N5 is one of the easiest devices to unlock the bootloader and root. It will take a total of 2 - 5 mins to accomplish.
If you have abd and fastboot setup on your PC then all you have to do is reboot the device into fastboot mode connect it to your PC and open command prompt on your PC and type
"fastboot oem unlock" and the bootloader is unlocked.
I'm assuming the question may have come from the reference to this phone as "unlocked." No, the Nexus 5 is carrier unlocked, meaning it can be used with multiple carriers without modification. The bootloader is not unlocked, although, as pointed out above, that is quite easy.
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