The 48-year-old Bility is one of four men set to stand in the Feb. 26, 2016 election to replace incumbent Sepp Blatter.
Bility is only the second African ever to make a bid for the job.
Brazilian Zico, Frenchman Michel Platini and South KoreanChung Mong-joon are the other names in the frame to stand in the election.
Bility says he believes 'this is Africa's time' to take the lead in world football, but his lack of support from CAF will be a blow to his candidacy.
A statement on the CAF website on Wednesday had said the Executive Committee received a request from Bility.
"He had the opportunity to explain the reasons that motivated his decision to run for the future election of the FIFA presidency.
"After a fraternal exchange, full of sincerity and cordiality, the CAF Executive Committee decided unanimously not to offer the requested CAF support to Bility, whilst wishing him luck in the continuation of his endeavour.
"To preserve the interests and unity of African football, it was agreed that Africa will give time to explore all options and decide.
"The CAF Executive Committee will meet on Oct. 27 and Oct. 28, following the closure of nominations for the FIFA presidency,’’ it said.
The Liberian has had a difficult relationship with his continent’s football governing body in recent years.
In 2011, he declared he would vote against Blatter in that year's FIFA elections, in contrast to most of his African colleagues.
A year later, he and the Liberian FA took a case to the Court of Arbitration for Sport (CAS) over changes to the way CAF elects its president.
The changes had favoured incumbent Issa Hayatou.
But the court twice ruled against the LFA.
Then in 2013, Bility was banned from all football activity by CAF after the governing body said he ``had violated statutes relating to the use of confidential documents."
Bility needs the written endorsement of at least five football associations to get onto the ballot for the election to choose a replacement for outgoing president Blatter on Feb. 26.
The News Agency of Nigeria (NAN) reports that the deadline for candidates to register is Oct. 26.
The CAF Executive Committee also mandated Hayatou to conduct the necessary consultations with other Confederations’ presidents in connection with the ongoing reforms at FIFA.
Moreover, the Committee has unanimously proposed Hani Ridaand Omari Selemani, African members on the FIFA Executive Committee, as CAF’s representatives on the ‘Task Force Reforms’ established by FIFA.
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