Dear Student,
The negative sign introduced in Faraday's electromagnetic induction law due to Lenz's law signifies that the induced emf or its resulting induced current in a closed circuit is in a direction such that it opposes the cause which produces it. It means if the electromagnetic flux decreases across a loop then the current induced will be in a direction which produces a magnetic field (due to Ampere's law) in a direction opposite to the direction along which the primary field decreases and vice versa.
Regards