The monster from the ocean floor (1954)

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This is a black and white movie.
julie blair's idyllic vacation in a mexican village along the pacific coastline gets even better when she falls for handsome marine biologist, steve dunning. there's only one thing troubling her - disturbing reports from the natives about a gigantic one-eyed sea monster lurking off the coast, which they believe is responsible for a number of recent killings and disappearances. steve dismisses the natives as superstitious, but julie wants to help ease their fears. when steve's research takes him farther down the coast, julie remains behind to search for the monster. but there's something julie doesn't know - the natives believe that the only hope of bringing peace back to the village is the sacrifice of a "fair one" to the hideous creature lying in wait on the ocean floor.