The report that five had been killed came shortly after a report that two had been killed and 27 injured in the attack. Among the wounded are six children, according to Governor Valentyn Reznichenko.
Photos released by the Ukrainian presidential office show part of a block of flats completely collapsed. There also appears to be a fire at the site.
Russia directed a new attack wave with cruise missiles against Ukraine on Saturday. Explosions have been reported in several parts of the country, including Kyiv, where the air defense was put into operation.
Dnipro is the fourth largest city in Ukraine and is located southeast of Kyiv, on the river of the same name.
