Error building program with `solana-program` v1.18 and CLI v1.17

When building an on-chain program with cargo build-sbf using solana-program v1.18, I get the following error:

error: package solana-program v1.18.0 cannot be built because it requires rustc 1.72.0 or newer, while the currently active rustc version is 1.68.0-dev

I'm using v1.17.17 of the CLI:

$ cargo build-sbf -Vsolana-cargo-build-sbf 1.17.17platform-tools v1.37rustc 1.68.0$ solana -Vsolana-cli 1.17.17 (src:27a43800; feat:1337574167, client:SolanaLabs)

How can I resolve this?

(inspired by https://github.com/solana-labs/solana/issues/34987)