Can I format NULL values in string.Format?

You can define a custom formatter that returns "NULL" if the value is null and otherwise the default formatted string, e.g.:

foreach (var value in new[] { 123456.78m, -123456.78m, 0m, (decimal?)null })
{
    string result = string.Format(
        new NullFormat(), "${0:#,000.00;(#,000.00);ZERO}", value);
    Console.WriteLine(result);
}

Output:

$123.456,78
$(123.456,78)
$ZERO
$NULL

Custom Formatter:

public class NullFormat : IFormatProvider, ICustomFormatter
{
    public object GetFormat(Type service)
    {
        if (service == typeof(ICustomFormatter))
        {
            return this;
        }
        else
        {
            return null;
        }
    }

    public string Format(string format, object arg, IFormatProvider provider)
    {
        if (arg == null)
        {
            return "NULL";
        }
        IFormattable formattable = arg as IFormattable;
        if (formattable != null)
        {
            return formattable.ToString(format, provider);
        }
        return arg.ToString();
    }
}