We have developed a terahertz time-domain spectroscopy (THz-TDS) system for transmission and reflection measurements of metallic thin films. Using our THz-TDS system, we studied the conventional superconductor niobium (Nb) in the normal state in the spectral range from 5 to $50cm^{-1}$. Both the real and imaginary parts of the conductivity are acquired without Kramers-Kronig analysis. Nb exhibits a nearly frequency independent real conductivity spectrum in the terahertz range, with a very small imaginary part.