Prep all the ingredients and have them ready to use.
Put the paella pan on the hob or fire on a medium to low heat, with the olive oil.
When the oil is hot, add the shallots, fry until pale gold.
Add the fresh peppers, fry until the edges are slightly crispy, then the garlic.
Add La Bomba rice, stirring as you fry it.
Remove the dried nyoras from the hot water, removing the seeds and stems but reserving the water which you will add to the stock.
In a mortar and pestle, grind the saffron strands with the nyora peppers.
Add this mixture with the white wine or sherry, to the paella pan. Stir into the rice.
From this point on you stop stirring. Gradually add the stock bit by bit until it is all absorbed. You can put foil over the pan if you don't have a lid, so that the rice steams. Make sure it's on a low heat so that while a crust is formed on the bottom, it doesn't burn.
Cook for 20 minutes until all the grains swell up. Make sure the stock is added to the edges of the pan, not just the middle.
Add the almonds, olives, parsley.
Serve with lemon wedges