As per the Oracle Documentation:
This specifically applies to dynamic PL/SQL (and SQL too):
At run time, bind arguments replace corresponding placeholders in the dynamic string. Every placeholder must be associated with a bind argument in the USING clause and/or RETURNING INTO clause. You can use numeric, character, and string literals as bind arguments, but you cannot use Boolean literals (TRUE, FALSE, and NULL). To pass nulls to the dynamic string, you must use a workaround. See "Passing Nulls to Dynamic SQL".
This does not apply to Dynamic PL/SQL (only SQL), but continuing for completeness:
Dynamic SQL supports all the SQL datatypes. For example, define variables and bind arguments can be collections, LOBs, instances of an object type, and refs. Dynamic SQL does not support PL/SQL-specific types. For example, define variables and bind arguments cannot be BOOLEANs or index-by tables. The only exception is that a PL/SQL record can appear in the INTO clause.