Replication Monitoring Commands are failing with "Invalid credentials"

Issue

Replication monitoring commands are failing with the error message "Invalid credentials" while the credentials are indeed correct.

$ dsconf -D "cn=Directory Manager" ldap://localhost:389 replication status --suffix "dc=example,dc=com"
Enter password for cn=Directory Manager on ldap://localhost:389: 
Error: Unable to get lag time: {'msgtype': 97, 'msgid': 1, 'result': 49, 'desc': 'Invalid credentials', 'ctrls': []}
$