It seems that the figurative constant NULL cannot be treated like all the others, such as ZERO, LOW-VALUE, etc.
In the following program, the IF wFIELD01 = NULLstatement reports a compile-time error:
invalid expression: unfinished expression
>>SOURCE FORMAT IS FREE
ID DIVISION.
program-id. TESTNULL.
DATA DIVISION.
Working-Storage Section.
01 wFIELD01 PIC XX value NULL.
01 wFIELD02 PIC XX value LOW-VALUE.
01 wFIELD03 PIC XX value ZEROES.
PROCEDURE DIVISION.
IF wFIELD01 = LOW-VALUE
continue
end-if
IF wFIELD01 = NULL
continue
end-if
GOBACK.