How to change for loop to parfor loop?

Is it possible to execute the following code using parfor loop?

    for ii = 1 : 1 : N
        x_ref = X(ii); y_ref = Y(ii);
        nghlst_Local = nghlst(ii, find(nghlst(ii, :))); Nl = length(nghlst_Local);
        x_Local = X(nghlst_Local, 1); y_Local = Y(nghlst_Local, 1);
        Phi = ones(Nl+1, Nl+1); Phi(end, end) = 0;
        Bx = zeros(Nl+1,1); By = zeros(Nl+1,1); Bxx = zeros(Nl+1,1); Byy = zeros(Nl+1,1);
        for jj = 1 : 1 : Nl
            for kk = 1 : 1 : Nl
                rx = x_Local(jj,1) - x_Local(kk,1);
                ry = y_Local(jj,1) - y_Local(kk,1);
                Phi(jj, kk) = 1 / sqrt( rx^2 + ry^2 + c^2);
                clear rx ry
            end           
            rx = x_ref - x_Local(jj);
            ry = y_ref - y_Local(jj);
            Bx(jj, 1)  = -rx/(rx^2 + ry^2 + c^2)^(3/2);
        end
        invPhi = inv(Phi);
        CX  = Bx'  * invPhi;  CX  = CX (1, 1:end-1); Wx (ii, nghlst_Local) = CX;
    end

I know nested parfor loops generally give no computational benefits. So, which for loop should I change?