Moving a magnet near a coil makes a current flow in the coil, and when the magnet stops, the current soon disappears. What produces the current is not the strength of the field itself but a change in the magnetic flux Φ through the coil, and the faster the flux changes, the larger the induced emf. Faraday's law writes this as ε = −N dΦ/dt, and the minus sign stands for Lenz's law: the induced current flows in the direction that opposes the change in flux. In the picture, changing the rate of flux change dΦ/dt changes both the size of the emf and the direction of the induced current in the loop.
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