The pair were arrested on Monday, June 15, following a report of suspected firearms at an address in Waterloo Street in the city at around 5 am.
Police called in ATO and a number of items were found and taken away for forensic examination.
The man and woman were taken to the PACE custody suite at Strand Road police station for questioning by CID detectives over the incident.
This morning, Tuesday, June 16, police said the man and woman have now been released on police bail pending further enquiries.
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