ok so i thought about it a bit:
So N is on top initially and we spin the N magnet anticlockwise(assume constant one radian per second). It can be shown that emf at time

is equal in magnitidue but opposite to direction to emf at time

. This can be done without any sign conventions, just the plain use of lenze's law(just like coil removed from field problems). However introducing the sign convention that say, flux going down is positive, we see that flux changes sign and using this definition of
)
it can be shown that
=-\phi'(t))
. And so you see it is analogous to what we found out that really happens using just lenze's law without any sign convention. Hence the sign conventions "positive flux is one whose vertial component is down, negative flux is one whose vertical component is up" and "negative emf means in the oppositie direction" coupled with the formula relating flux and emf, yields the correct results that we know are correct from lenze's law.
Interestingly, Once we choose which direction is positive flux and abide the formula
)
we automatically choose which direction in the coil is positive emf. If we change our convention of what is negative flux (i.e:

) then we change our direction of what we consider as positive emf. However what is important is the sign changes every

. Hence these sign conventions and use of formula are consistent with what we know is really true(what we derived without thinking about sign conventions but just ordinary hand rules)